Tower Hill's Sumrah Sheikh Leases Retail Space To Easy Shopping At 2231 3rd Avenue
2231 3rd Avenue
$23
$23/SF
Building Size
14,666 SF
Asset Type
Retail
Closing
Jan 4, 2026
AI
The property asset involved in the transaction is a retail space located at 2231 3rd Avenue in East Harlem. The asking rent for the space is $23 per square foot, encompassing a total area of 14,666 square feet. The lease type is categorized as a Single Net Lease.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $23/ft
- Address: 2231 3rd Avenue
- Market: East Harlem
- Lease Type: Single Net Lease
- Landlord: Tower Hill - Sumrah Sheikh
- Tenant: Easy Shopping
- Brokers: James Famularo, Bobby Ortense & Cory Rywalt - Meridian Capital Group
The transaction involves key representatives in the leasing process. The landlords, Tower Hill, are represented by Sumrah Sheikh, while the brokerage firm Meridian Capital Group facilitated the lease with the combined efforts of brokers James Famularo, Bobby Ortense, and Cory Rywalt.
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
689695.65%
Cash-on-Cash
-197117.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93