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25 Kent Ave, Brooklyn, NY 1...

Amazon Music Leases Office Space At 25 Kent In Williamsburg
LEASEDOther

Amazon Music Leases Office Space At 25 Kent In Williamsburg

25 Kent Ave, Brooklyn, NY 11249, USA

Building Size

40,000 SF

Asset Type

Other

Closing

Sep 7, 2020

AI

25 Kent, located in the Williamsburg market, was leased on September 8, 2020. The office space encompasses approximately 40,000 square feet, with an asking rent of $70-80 per square foot. The tenants of this property are Amazon Music, a well-known music streaming service. The lease was signed with Rubenstein Partners & Heritage Equity Partners as the landlords. Other notable tenants in the building include Kith, who signed a lease in December 2019 for 58,000 square feet.

Summary of Transaction Details

  • Property Type: Office
  • Transaction Amount: Not mentioned
  • Address: 25 Kent
  • Market: Williamsburg
  • Asking Rent: $70-80/ft. (Approx.)
  • Square Footage: 40,000
  • Tenant: Amazon Music
  • Landlord: Rubenstein Partners & Heritage Equity Partners

Toby Moskovits, represents Rubenstein Partners & Heritage Equity Partners in this lease deal.

Players

HP
Heritage Equity PartnersLandlord
K
KithLandlord
Amazon
AmazonTenant

New York Other Market Snapshot

Boundary boundary · Other · 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