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1223 2nd Avenue

Dumbo Market Leases 12,000 Sq. Ft. Retail Space At 1223 2nd Avenue Upper East Side
LEASEDRetail

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

Jason Gerbsman

Broker

2 deals

Broker

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