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120 5th Avenue New York, Ne...

Wells Fargo Signs Lease For Brooklyn Retail Space At 120 Fifth Ave
LEASEDRetail

Wells Fargo Signs Lease For Brooklyn Retail Space At 120 Fifth Ave

120 5th Avenue New York, New York 10011, USA

Building Size

3,500 SF

Asset Type

Retail

Closing

Jul 6, 2023

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.

Players

Benjamin Weiner

Ripco

Broker

10 deals

Broker
Wells Fargo
Wells FargoLender
Wells Fargo
Wells FargoTenant

New York 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