Time Equities Leases 55000 Square Feet At 241 37th St Brooklyn From Industry City Associates
241 37th St, Brooklyn, NY, 11232
Building Size
55,000 SF
Asset Type
Office
Closing
Nov 19, 2023
AI
The property asset involved in the transaction is located at 241 37th St, Brooklyn, NY, 11232, within the Brooklyn market. The total square footage of the property is 55,000 square feet.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 241 37th St, Brooklyn, NY, 11232
- Market: Brooklyn
- Tenant: Time Equities
- Landlord: Industry City Associates
- Landlord's Representatives: Joseph (Joe) Cirone - CBRE, Kelli Berke - Cushman & Wakefield
- Brokers: Matthew Barlow - Savills Studley, Bruce Mosler - Cushman & Wakefield
The deal involves key individuals and companies including the tenant, Time Equities, and the landlord, Industry City Associates, with representation by Joseph (Joe) Cirone from CBRE and Kelli Berke from Cushman & Wakefield. Brokers Matthew Barlow from Savills Studley and Bruce Mosler from Cushman & Wakefield facilitated the transaction.
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