Lifestance Health Leases Office Space At 83 Third Avenue In Downtown Brooklyn
83 3rd Avenue, New York, NY, USA
Building Size
5,500 SF
Asset Type
Office
Closing
Nov 30, 2020
About this deal
AI
Located at 83 Third Avenue in Downtown Brooklyn, this office space was recently leased in a closed transaction. The tenant, Lifestance Health, will be occupying the premises, while the landlord is Ben Atkins of Abingdon Square Partners. The asset type is an office, offering approximately 5,500 square feet of space.
Summary of transaction details
- Property Type: Office
- Address: 83 Third Avenue, Downtown Brooklyn
- Market: Downtown Brooklyn
Assisting in the deal were brokers Jon Kamali, Andre Sigourney, and Brad Cohen from CBRE. The lease was signed on 12/01/2020, with an asking rent of $50 per square foot for a total of 5,500 square feet of leased space.
It is worth noting that Lifestance Health provides outpatient behavioral health services such as psychiatry, psychology, and talk therapy. They currently operate over 225 clinical offices across 18 states in the United States. Additionally, the company is actively working with CBRE to find additional locations in Upper Manhattan, Brooklyn, and Queens.
83 Third Avenue in Downtown Brooklyn still has approximately 17,000 square feet of space available, with a new building set to be delivered in 2021. No other details are available at this time.
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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