787 Coffee Leases Retail Space In East Village At 159 2nd Ave
159 2nd Ave, Manhattan, New York, NY, USA
Building Size
1,000 SF
Asset Type
Retail
Closing
May 31, 2021
About this deal
AI
An 1,000 square foot retail space located at 159 2nd Ave in the East Village has been leased. The transaction took place on June 1, 2021.
Summary of transaction details:
- Property Type: Retail
- Lease Date: 06/01/2021
- Address: 159 2nd Ave, East Village
The tenant for this retail space is 787 Coffee, a popular coffee shop with multiple locations in New York. The landlord, Beachlane Management represented by Mitch Rothken, successfully negotiated the lease. Albert Halawani from Kassin Sabbagh Realty acted as the broker in the deal.
According to Kassin Sabbagh Realty, 787 Coffee has signed leases for 10 retail locations across New York, including the one at 159 2nd Ave. Other locations include 100 Lexington, 30 Broad St, 66 Pearl St, 131 E 7th St, 101 2nd Ave, 319 E 14th St, 340 E 70th St, 228 E 80th St, and 211 McGuinness Blvd in Brooklyn.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93