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1998 2nd Avenue

Bright Beginnings Signs Lease For Retail Space At 1998 Second Avenue In East Harlem
LEASEDRetail

Bright Beginnings Signs Lease For Retail Space At 1998 Second Avenue In East Harlem

1998 2nd Avenue

$75

$75/SF

Building Size

7,525 SF

Asset Type

Retail

Closing

Dec 20, 2023

AI

The retail property located at 1998 Second Avenue in East Harlem has been leased. The landlord, Peter Fine, has entered into an agreement with Bright Beginnings, the tenant, for this retail space. The leasing transaction was facilitated by brokers Marc Sitt and Miles Sabbagh of KSR. The property offers a total square footage of 7,525 square feet.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: Lease
  • Address: 1998 Second Avenue
  • Market: East Harlem
  • Landlord: Peter Fine
  • Tenant: Bright Beginnings
  • Brokers: Marc Sitt & Miles Sabbagh - KSR
  • Asking Rent: $75/ft
  • Square Footage: 7,525

The deal was successfully facilitated by Marc Sitt and Miles Sabbagh from KSR, who represented their respective clients. This leasing agreement presents an opportunity for Bright Beginnings to establish their presence in the East Harlem market, under the ownership of landlord Peter Fine.

Players

Marc Sitt

Kassin Sabbagh Realty

Broker

$272.9M

vol

64 deals

Broker
Peter Fine

Peter Fine

Atlantic Development Group

Landlord

$477.2M

vol

20 deals

Landlord
BB
Bright BeginningsTenant

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

211506.67%

Cash-on-Cash

-60449.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93