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16 Main St, New York, NY, 1...

Two Trees Management Company Leases Office Space In Brooklyn To Higher Pictures Generation
LEASEDOffice

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

Oliver Katcher

Indigo Property Holdings

Broker

1 deal

Broker
Two Trees Management
Two Trees ManagementBrokerage
Two Trees Management
Two Trees ManagementLandlord

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