L&M Development Partners Leases Retail Space To Magnolia Pharmacy At 1966 1st Avenue
1966 1st Avenue
$50
$50/SF
Building Size
2,500 SF
Asset Type
Retail
Closing
Sep 29, 2026
About this deal
AI
The asset involved in the transaction is a retail space located at 1966 1st Avenue in Manhattan. The lease terms are set for a duration of 12 years with a modified gross lease structure. The asking rent for the property is $50 per square foot for a total space of 2,500 square feet.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $50/ft
- Lease Term: 12 Years
- Lease Type: Modified Gross Lease
- Landlord: L&M Development Partners
- Tenant: Magnolia Pharmacy
- Landlord's Rep: Moshe Akiva - Momentum Realty Group
- Tenant's Rep: Ely Akiva - Momentum Realty Group
This deal features key contributions from Moshe Akiva and Ely Akiva, both representing the respective parties through Momentum Realty Group. Their involvement facilitated the agreement between L&M Development Partners and Magnolia Pharmacy for the lease transaction at this Manhattan retail property.
On the Map
$50
$50/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
317260.00%
Cash-on-Cash
-90673.88%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93