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1998 2nd Avenue

Updated Dec 4, 2024

Hampton Market Leases Retail Space At 1998 Second Avenue In East Harlem
LEASEDRetail

Hampton Market Leases Retail Space At 1998 Second Avenue In East Harlem

1998 2nd Avenue

$75

$75/SF

Building Size

2,500 SF

Asset Type

Retail

Closing

Mar 5, 2024

About this deal

AI

The retail property located at 1998 Second Avenue in East Harlem was recently leased to Hampton Market. The lease, facilitated by Peter Fine as the landlord and Marc Sitt & Miles Sabbagh from KSR as the landlord's representatives, was negotiated with the assistance of Paul Risoli from CDRE, representing the tenant. The asking rent for the 2,500 square feet space was set at $75 per square foot.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Address: 1998 Second Avenue
  • Market: East Harlem
  • Landlord: Peter Fine
  • Tenant: Hampton Market
  • Landlord's Rep: Marc Sitt & Miles Sabbagh - KSR
  • Tenant's Rep: Paul Risoli - CDRE
  • Asking Rent: $75/ft
  • Lease Type: Retail Lease

Marc Sitt and Miles Sabbagh from KSR played a significant role as the landlord's representatives, ensuring a successful lease agreement for the retail space. On the other hand, Paul Risoli, representing Hampton Market as the tenant's representative, effectively negotiated the terms of the lease on behalf of the tenant. The collaborative efforts of these key individuals and companies led to the completion of the retail lease transaction in East Harlem.

Players

Marc Sitt

Kassin Sabbagh Realty

Broker

$276M

vol

69 deals

Broker

New York Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Deal FAQ

About $75 per square foot on a published $75 for 2,500 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

211506.67%

Cash-on-Cash

-60449.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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