L&M Development Partners Leases Retail Space To Magnolia Pharmacy At 1966 1st Avenue
1966 1st Avenue
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
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