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2450 Grand Concourse Bronx,...

Part Of The Solution Leases New Office At 2450 Grand Concourse In Bronx
LEASEDOffice

Part Of The Solution Leases New Office At 2450 Grand Concourse In Bronx

2450 Grand Concourse Bronx, New York 10458, USA

Building Size

11,000 SF

Asset Type

Office

Closing

Jun 24, 2023

AI

Part of the Solution (POTS) has secured an 11,000-square-foot lease for a new office at 2450 Grand Concourse, located in the Bronx market. The lease transaction took place on June 24, 2023. The new office space provides expanded capacity for programming and administrative offices, along with improved facilities, enabling POTS to better meet the growing needs of the community it serves.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not Applicable
  • Square Footage: 11,000
  • Address: 2450 Grand Concourse
  • Market: Bronx

The landlord's representatives involved in the lease agreement are Joseph A. Jemal and Alan J. Jemal from Jem Realty. On the other hand, the tenant's representatives are Alexander Smith and Casey Noel from OPEN Impact Real Estate LLC. This lease provides Part of the Solution with a new office space that better suits their needs and allows them to enhance their community-focused programs.

Players

Casey Noel

OPEN Impact Real Estate

Broker

1 deal

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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93