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78-03 31st Avenue

Rafi Haghani Leases Office Space To Dr. Hany Mekhael At 78-03 31st Avenue For $41/ft
LEASEDOffice

Rafi Haghani Leases Office Space To Dr. Hany Mekhael At 78-03 31st Avenue For $41/ft

78-03 31st Avenue

$11,750

$11,750/SF

Building Size

3,500 SF

Asset Type

Office

Closing

May 7, 2026

AI

The property is an office located at 78-03 31st Avenue in the East Elmhurst market. The lease was agreed upon for a space encompassing 3,500 square feet, with an asking rent of $41 per square foot. The lease term is set for 5 years under a modified gross lease agreement.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $41/ft
  • Lease Term: 5 years
  • Lease Type: Modified Gross Lease
  • Landlord: Rafi Haghani
  • Tenant: Dr. Hany Mekhael
  • Brokers: Richard Babeck & Freddy Meytin - Tri State Commercial Realty

Richard Babeck and Freddy Meytin served as the brokers representing the transaction, facilitating the lease agreement between the landlord and tenant. Their role involved navigating the leasing process on behalf of the parties involved.

Players

Richard Babeck

Tri State Commercial Realty

Broker

$3.5M

vol

20 deals

Broker

East Elmhurst 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

1350.04%

Cash-on-Cash

-385.85%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93