Newmark Represents Lease Deal Between Clipper Equity And 1955 First Ave Convenience Corp

The property at 1955 1st Avenue in East Harlem, Manhattan, was leased in a transaction involving Clipper Equity as the landlord and 1955 First Ave Convenience Corp as the tenant. The lease type was a Modified Gross Lease with an asking rent of $65 per square foot for 2,240 square feet of space. The lease term was set at 20 years.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: Not disclosed
• Address: 1955 1st Avenue
• Market: East Harlem, Manhattan
• Landlord: Clipper Equity
• Tenant: 1955 First Ave Convenience Corp
• Landlord's Rep: Aric Trakhtenberg & Ross Berkowitz - Newmark
• Tenant's Rep: Ravi Idnani & Andrew Stern - Newmark
• Asking Rent: $65./ft
• Lease Type: Modified Gross Lease
• Lease Term: 20 years

The deal was facilitated by Aric Trakhtenberg and Ross Berkowitz from Newmark representing the landlord, Clipper Equity, while Ravi Idnani and Andrew Stern, also from Newmark, represented the tenant, 1955 First Ave Convenience Corp.