Dumbo Market Leases 12,000 Sq. Ft. Retail Space At 1223 2nd Avenue Upper East Side
1223 2nd Avenue
Building Size
12,000 SF
Asset Type
Retail
Closing
Jan 12, 2025
AI
A retail space measuring 12,000 square feet has been leased at 1223 2nd Avenue, located in the Upper East Side market. The location previously housed a CVS. This leasing transaction is part of Dumbo Market's expansion in New York City.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Landlord: Lisa Palmer - Regency Centers
- Tenant: Mohammad Mujalli - Dumbo Market
- Landlord's Representative: Jesse Wolff & Patrick Smith - JLL
- Tenant's Representative: Jason Gerbsman - HUDSON
The deal involved key representatives from the respective parties, with Jesse Wolff and Patrick Smith representing the landlord, Regency Centers, and Jason Gerbsman acting on behalf of the tenant, Dumbo Market. This collaborative effort facilitated the successful leasing of the property.
Players
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