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1407 3rd Avenue

Gelman Optical Leases Retail Space At 1407 3rd Avenue On Upper East Side
LEASEDRetail

Gelman Optical Leases Retail Space At 1407 3rd Avenue On Upper East Side

1407 3rd Avenue

$200

$200/SF

Building Size

1,250 SF

Asset Type

Retail

Closing

Apr 1, 2023

AI

Located at 1407 3rd Avenue in the Upper East Side, this retail property has recently been leased. The property features a total square footage of 1,250 square feet. The lease transaction was completed on April 1, 2023.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Leased
  • Asking Rent: $200 per square foot
  • Landlord: Joe Sheena
  • Tenant: Gelman Optical
  • Landlord's Representative: Andrew Stern & Mai Sachi - Newmark
  • Tenant's Representative: Joshua Berkun - KSR

Represented by Andrew Stern and Mai Sachi from Newmark, Joe Sheena served as the landlord in this lease transaction. On the other hand, Gelman Optical, represented by Joshua Berkun from KSR, became the tenant of this retail space.

Players

Joshua Berkun

Kassin Sabbagh Realty

Broker

$3.3M

vol

12 deals

Broker

Market 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

79315.00%

Cash-on-Cash

-22668.47%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93