Wells Fargo Signs Lease For Brooklyn Retail Space At 120 Fifth Ave
120 5th Ave, Brooklyn, NY 11217
Building Size
3,500 SF
Asset Type
Retail
Closing
Jul 6, 2023
About this deal
AI
Wells Fargo has signed a lease for a 3,500-square-foot retail space located at 120 Fifth Ave., Brooklyn. The property, owned by William Macklowe Co. and GreenBarn Investment Group, will serve as a new retail location for Wells Fargo.
Summary of transation details
- Property Type: Retail
- Transaction Amount: Not mentioned
- Address: 120 Fifth Avenue, Brooklyn
- Square Footage: 3,500
- Market: Brooklyn
Representing the tenant, Wells Fargo, were Annette Healey, Chris Betting, and Dean Rosenzweig from CBRE. They played a key role in securing the lease agreement for the retail space. On the other side, representing the landlord, William Macklowe Co. and GreenBarn Investment Group, were Jason Pennington, Alex Beard, and Ben Weiner from RIPCO Real Estate. Their expertise and negotiation skills were instrumental in finalizing the lease deal.
On the Map
Retail
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Players
Brooklyn Retail Market Snapshot
Boundary boundary · Retail · 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