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1232 Surf Avenue

Thor Equities Leases Retail Space In Coney Island, Brooklyn To White Castle Corporate
LEASEDRetail

Thor Equities Leases Retail Space In Coney Island, Brooklyn To White Castle Corporate

1232 Surf Avenue

$100

$100/SF

Building Size

2,250 SF

Asset Type

Retail

Closing

Sep 1, 2022

AI

A retail property located at 1232 Surf Ave. & 3015 Stillwell Ave. in Coney Island, Brooklyn, has been leased. The property, with a total square footage of 2,250, was leased by White Castle Corporate. The landlord in this transaction is Thor Equities, represented by Joe Sitt and Sam Sabin. The asking rent for the property was $100 per square foot.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: N/A
  • Address: 1232 Surf Ave. & 3015 Stillwell Ave.
  • Market: Coney Island, Brooklyn
  • Tenant: White Castle Corporate
  • Landlord: Thor Equities - Joe Sitt & Sam Sabin
  • BROKERS: Aric Trakhtenberg & Harrison Abramowitz - Newmark
  • Asking Rent: $100/ft.
  • Square Footage: 2,250

The deal was facilitated by brokers Aric Trakhtenberg and Harrison Abramowitz from Newmark.

Players

Aric Trakhtenberg

Newmark

Broker

$8.3M

vol

50 deals

Broker
Thor Equities
Thor EquitiesLandlord
Joseph Sitt

Joseph Sitt

Thor Equities

Landlord

$1.1B

vol

37 deals

Landlord

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

158630.00%

Cash-on-Cash

-45336.94%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93