RJ Block Properties Leases Retail Space At 1945 Park Avenue East Harlem To Joco For $45/ft
1945 Park Avenue
$45
$45/SF
Building Size
2,000 SF
Asset Type
Retail
Closing
Oct 5, 2026
About this deal
AI
The property asset involved is a retail space located at 1945 Park Avenue in East Harlem, Manhattan. The asking rent is set at $45 per square foot for a space measuring 2,000 square feet. The lease term established for this property is 10 years, documented under a Modified Gross Lease agreement.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $45/ft
- Lease Term: 10 Years
- Lease Type: Modified Gross Lease
- Landlord: RJ Block Properties
- Tenant: Joco
- Landlord's Representative: Moshe Akiva - Momentum Realty Group
- Tenant's Representative: Ely Akiva - Momentum Realty Group
Key individuals in this transaction include Moshe Akiva and Ely Akiva, both affiliated with Momentum Realty Group, representing the landlord and tenant, respectively. Their roles were critical in facilitating the lease agreement for the retail property in Manhattan.
On the Map
$45
$45/SF
Retail
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Players
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
352511.11%
Cash-on-Cash
-100748.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93