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
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