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1217 Bedford Avenue, Brookl...

PeopleShores Leases Entire Third Floor Of Office Building In Brooklyn's Bedford-Stuyvesant Neighborhood
LEASEDOffice

PeopleShores Leases Entire Third Floor Of Office Building In Brooklyn's Bedford-Stuyvesant Neighborhood

1217 Bedford Avenue, Brooklyn, New York 11216, United States

$50

$50/SF

Building Size

5,589 SF

Asset Type

Office

Closing

Jun 20, 2022

AI

The office property located at 1217 Bedford Ave in Brooklyn was recently leased to PeopleShores. The lease was facilitated by John Le Vine and Stephen Forino from EXR, representing the landlord Rubin Equities, and Adrienne Roberson from Douglas Elliman, representing the tenant. The lease covers the entire third floor of the building, which is situated in the Bedford-Stuyvesant neighborhood of Brooklyn.

Summary of transaction details

  • Property Type: Office
  • Transaction Date: 06/20/2022
  • Address: 1217 Bedford Ave, Brooklyn
  • Market: Brooklyn
  • Asking Rent: $50/ft.
  • Square Footage: 5,589 SF

John Le Vine and Stephen Forino from EXR represented the landlord, Rubin Equities, in the leasing process. Adrienne Roberson from Douglas Elliman represented the tenant, PeopleShores. The deal was facilitated by @IamJohnLeVine from @EXRNY, who handled the creative, branding, marketing, and leasing for Avon Hall on behalf of developer Rubin Equities.

The leased property, located in Bedford-Stuyvesant, Brooklyn, encompasses the entire third floor. The building also includes retail spaces on the ground level (fully leased), creative studios in the basement (fully leased), a mezzanine floor (fully leased), and another floor of office space (partially leased). This deal highlights the growing demand for office spaces in the area.

Players

John LeVine

EXR

Broker

$50.6M

vol

42 deals

Broker
RE
Rubin EquitiesLandlord

Brooklyn Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

317260.00%

Cash-on-Cash

-90673.88%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93