LIFT & Chances For Children Sign Leases In Bronx With OPEN Impact Real Estate
412 East 147th Street & 424 East 147th Street
Building Size
13,000 SF
Asset Type
Office
Closing
Mar 13, 2024
AI
Located at 412-424 East 147th Street in the Bronx, the office space spans 6,500 square feet. The lease deal involved the landlord, 147 Corp, and tenants LIFT and Chances for Children. LIFT secured a five-year lease for 3,500 square feet, while Chances for Children signed a 10-year lease for 3,000 square feet. The space will be utilized for therapy sessions, administrative offices, and client interactions.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Market: Bronx
- Tenants: LIFT & Chances for Children
Alexander Smith, Kate Whitman, and Kendall Elliott from OPEN Impact Real Estate facilitated the long-term lease agreements between the tenants and the landlord, tailoring the space to meet the specific needs of LIFT and Chances for Children.
Players
Bronx 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