Meir Babaev Leases Office To Navin Arora For Borealis Dermatology In Bellerose

The property asset involved in this transaction is an office located at 251-73 Jericho Turnpike in the Bellerose market. The total square footage of the office is 2,600 SF, with an asking rent of $42 per foot. The monthly rent set for this lease is $9,000. The lease term is established for 10 years, featuring an annual increase of 2%. This property has been leased to Borealis Dermatology under a Modified Gross Lease.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $9,000/month
• Lease Term: 10 years
• Annual Increases: 2%
• Landlord: Meir Babaev
• Tenant: Navin Arora
• Broker: Charles Chang - Highcap Group

Charles Chang of Highcap Group represents the landlord, Meir Babaev, in this transaction with tenant Navin Arora securing this office lease for Borealis Dermatology, marking their third office establishment within four years.