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2389 Adam Clayton Powell Jr...

Goddard Riverside Community Center Leases 5,056-SF Office Space At 2389 Adam Clayton Powell Jr. Boulevard
LEASEDOffice

Goddard Riverside Community Center Leases 5,056-SF Office Space At 2389 Adam Clayton Powell Jr. Boulevard

2389 Adam Clayton Powell Jr. Boulevard

$35

$35/SF

Building Size

5,056 SF

Asset Type

Office

Closing

Oct 29, 2024

AI

The property asset involved in the transaction is a 5,056-square-foot office space located at 2389 Adam Clayton Powell Jr. Boulevard in Harlem, Manhattan. The asking rent for this office space was set at $35 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $35/ft
  • Address: 2389 Adam Clayton Powell Jr. Boulevard
  • Market: Harlem, Manhattan
  • Landlord: KP Developers
  • Tenant: Goddard Riverside Community Center
  • Broker: Samuel Hartstein - Gemstone Realty Group
  • Square Footage: 5,056
  • Lease Duration: 10 years

The transaction involved Goddard Riverside Community Center, which signed a lease to expand its services aimed at teens, the elderly, and the homeless. Samuel Hartstein represented Gemstone Realty Group in this leasing agreement.

Players

Samuel Hartstein

Gemstone Realty Group

Broker

$5.5M

vol

15 deals

Broker

New York 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

453228.57%

Cash-on-Cash

-129534.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93