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21-01 51st Avenue

Don Fusco Leases 20,000 SF Office Space In Long Island City For Skanska USA Civil Northeast
LEASEDOffice

Don Fusco Leases 20,000 SF Office Space In Long Island City For Skanska USA Civil Northeast

21-01 51st Avenue

$42

$42/SF

Building Size

20,000 SF

Asset Type

Office

Closing

Jun 11, 2024

AI

Located at 21-01 51st Avenue in Long Island City, the office space leased at $42 per square foot spans 20,000 square feet. The landlord, Steven Kaufman from Kaufman Organization and True North, sealed the deal with tenant Don Fusco of Skanska USA Civil Northeast.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $42/ft
  • Address: 21-01 51st Avenue
  • Market: Long Island City
  • Landlord: Steven Kaufman - Kaufman Organization & True North
  • Tenant: Don Fusco - Skanska USA Civil Northeast
  • Landlord's Rep: Grant Greenspan - Kaufman Organization
  • Tenant's Rep: Jonathan Stravitz - BIOC Commercial Real Estate, LLC

Grant Greenspan represented the landlord, Kaufman Organization, in the leasing of the 20,000-square-foot office space to Skanska USA Civil Northeast. While on the tenant's side, Jonathan Stravitz from BIOC Commercial Real Estate, LLC played a key role in facilitating the agreement at the Cardinal Building in Long Island City.

Players

Jonathan Stravitz

Broker

2 deals

Broker

Long Island City 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

377690.48%

Cash-on-Cash

-107945.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93