Two Trees Management Company Leases Office Space In Brooklyn To Higher Pictures Generation
16 Main St, New York, NY, 11201
Building Size
—
Asset Type
Office
Closing
Dec 9, 2020
AI
The property at 16 Main Street in New York City is a historic building known as the Stable Building, originally constructed in 1906. It features four white cube gallery spaces with 16-foot ceilings, large windows facing Main Street and Water Street, and is located in the sought-after neighborhood of DUMBO, Brooklyn. The building is a significant example of reinforced concrete construction in the city.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 16 Main St, New York, NY, 11201
- Market: Brooklyn
Oliver Katcher of Indigo Property Holdings represented the tenant, Higher Pictures Generation, in leasing the street-level exhibition space at 16 Main Street. The landlord, Two Trees Management Company, signed a three-year lease with Higher Pictures Generation, a photography-focused contemporary art gallery, for the space adjacent to the entrance of Brooklyn Bridge Park. Kate Gavriel, Director of Cultural Affairs for Two Trees Management, expressed excitement about welcoming Higher Pictures Generation to DUMBO, highlighting the gallery's impressive program and its contribution to the neighborhood's arts scene.
Players
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93