Van Leeuwen Ice Cream Leases 136 Franklin St In Greenpoint For $120/ft
136 Franklin Street
$120
$120/SF
Building Size
1,500 SF
Asset Type
Retail
Closing
May 2, 2024
AI
The retail property located at 136 Franklin Street in Greenpoint, Brooklyn, was leased to Van Leeuwen Ice Cream for a 10-year term. The 1,500-square-foot space commanded an asking rent of $120 per square foot, adding to Van Leeuwen Ice Cream's vast portfolio of roughly 30 locations across New York City.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not provided
- Address: 136 Franklin Street
- Market: Greenpoint, Brooklyn
- Square Footage: 1,500
- Landlord: Dax Real Estate
- Tenant: Van Leeuwen Ice Cream
- Landlord's Rep: David Green & David Sabbagh - KSR
- Tenant's Rep: Emily Green - Brand Urban & Jason Kastner - Dochter & Alexander Retail Advisors
David Green and David Sabbagh represented the landlord, Dax Real Estate, in the leasing transaction, while Emily Green from Brand Urban and Jason Kastner from Dochter & Alexander Retail Advisors served as the tenant's representatives. Van Leeuwen Ice Cream's decision to secure this second outpost in Greenpoint contributes to the brand's strategic expansion within the city.
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
132191.67%
Cash-on-Cash
-37780.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93