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136 Franklin Street

Van Leeuwen Ice Cream Leases 136 Franklin St In Greenpoint For $120/ft
LEASEDRetail

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:

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

David Sabbagh

Kassin Sabbagh Realty

Broker

60 deals

Broker

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