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1539 Pitkin Avenue

Olgam Life Leases Retail Space At 1539 Pitkin Ave. In Brownsville From Muhammed Sultan
LEASEDRetail

Olgam Life Leases Retail Space At 1539 Pitkin Ave. In Brownsville From Muhammed Sultan

1539 Pitkin Avenue

$35

$35/SF

Building Size

8,500 SF

Asset Type

Retail

Closing

Aug 5, 2022

AI

The retail property located at 1539 Pitkin Ave in Brownsville has been leased. The asset encompasses approximately 8,500 square feet. The landlord, Muhammed Sultan, has agreed to lease the property to the tenant, Olgam Life. The lease transaction was facilitated by Josh Augenbaum from Augenbaum Realty Corp, who served as the tenant's representative, and Michelle Abramov from Ripco Real Estate, who represented the landlord.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Address: 1539 Pitkin Ave, Brownsville
  • Market: Brownsville

Josh Augenbaum from Augenbaum Realty Corp represented Olgam Life as their representative in the lease deal. Michelle Abramov from Ripco Real Estate acted as the landlord's representative. The lease was agreed upon at an asking rent of $35 per square foot for the 8,500 square feet of space.

Players

Michelle Abramov

Ripco

Broker

$64.9M

vol

26 deals

Broker
OL
Olgam LifeTenant

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

453228.57%

Cash-on-Cash

-129534.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93