First Pioneer Properties Leases 80,676 SF Office Space To Piece Of Cake Moving & Storage
33-02 Skillman Avenue
$24
$24/SF
Building Size
80,676 SF
Asset Type
Office
Closing
Jun 12, 2024
AI
The property asset involved in this transaction is located at 33-02 Skillman Avenue in Long Island City. It is an office asset type with a total square footage of 80,676. The asking rent for this space is set at $24 per square foot, categorized as a retail lease.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $24/ft
- Address: 33-02 Skillman Avenue
- Market: Long Island City
- Landlord: First Pioneer Properties
- Tenant: Piece of Cake Moving & Storage
- Brokers Involved: Victor Sozio, Steven Hornstock, Alexander Taic - Ariel Property Advisors; Randy Modell - ABS Partners Real Estate; Vincent Lopez, Jacques Wadler - Knickerbocker Realty Group
The deal involves several key representatives from different brokerage firms. Notably, Victor Sozio, Steven Hornstock, and Alexander Taic represent Ariel Property Advisors, while Randy Modell represents ABS Partners Real Estate. Additionally, Vincent Lopez and Jacques Wadler are affiliated with Knickerbocker Realty Group, contributing to the coordination of this lease transaction.
Players
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
660958.33%
Cash-on-Cash
-188903.92%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93