Gaston Pharmacy Signs Double Net Lease For Retail Space In Crown Heights, Brooklyn
1611 East New York Avenue Space B
$30
$30/SF
Building Size
4,000 SF
Asset Type
Retail
Closing
Oct 16, 2023
About this deal
AI
A 4,000 square foot retail space located at 1611 East New York Avenue Space B in Crown Heights, Brooklyn has been leased. The property, owned by Frank Kalabalik, will now be occupied by Gaston Pharmacy. The lease was facilitated by brokers Josh Augenbaum and Murray Mizrachi of Augenbaum Realty. The asking rent for this double net lease was $30 per square foot, and the lease term is set for 15 years.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not provided
- Address: 1611 East New York Avenue Space B, Crown Heights, Brooklyn
- Market: Crown Heights, Brooklyn
Josh Augenbaum and Murray Mizrachi, serving as representatives of Augenbaum Realty, successfully facilitated the leasing deal between Frank Kalabalik and Gaston Pharmacy. The property, with its retail space spanning 4,000 square feet, is now under a 15-year double net lease agreement.
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
528766.67%
Cash-on-Cash
-151123.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93