41 Flatbush Ave
41 Flatbush Ave, Brooklyn, NY, 11217
Building Size
26,964 SF
Asset Type
Office
Closing
Jun 12, 2017
AI
The transaction involves a lease of 27,000 square feet of office space at 41 Flatbush Ave, Brooklyn, NY, 11217. The property is situated in the Brooklyn market and was previously a self-storage building before its transformation into trendy office space.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Tenant: Gimlet Media
- Tenant's Representative: Eric Ferriello
- Landlord: Quinlan Development Group
- Square Feet: 27,000
The deal marks the first lease signed by landlords Building and Land Technology and Quinlan Development Group for the Pioneer Building since their acquisition of the property in 2015 for $89.4 million from Extra Space Storage Inc. The lease is for a duration of 10 years, with Gimlet Media relocating from its previous office in Gowanus.
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