Katy Chen's LaundryBee Signs 20-Year Lease At 218-25 Hempstead Avenue In Queens Village
218 25 Hempstead Avenue
Building Size
—
Asset Type
Retail
Closing
May 19, 2025
About this deal
AI
The asset involved in this transaction is a retail property located at 218-25 Hempstead Avenue in Queens Village. The space encompasses 5,000 square feet and is situated within the market that previously housed a Rite Aid location, which has recently been vacated due to the chain’s bankruptcy.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 218-25 Hempstead Avenue
- Market: Queens Village
- Tenant: Katy Chen - LaundryBee
- Broker: Joshua Kleinberg & Daniel Mundle - Colliers
- Lease Term: 20 years
Katy Chen represents LaundryBee, which has signed the leasing agreement for the property. The deal was brokered by Joshua Kleinberg and Daniel Mundle from Colliers, who facilitated the transaction amid the current market dynamics.
On the Map
Retail
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Queens Village 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93