Sackett Apartments Leases Retail Space To Brooklyn Burn Hot Pilates & Yoga For $75/SF
224 Third Avenue
$75
$75/SF
Building Size
2,600 SF
Asset Type
Retail
Closing
Sep 23, 2026
About this deal
AI
The property asset involved in this transaction is located at 224 Third Avenue in the Gowanus market. This retail space encompasses a total area of 2,600 square feet and is leased at an asking rent of $75 per square foot. The lease term is set for 10 years under a Modified Gross Lease agreement.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $75/ft
- Lease Term: 10 years
- Landlord: Sackett Apartments
- Tenant: Brooklyn Burn Hot Pilates & Yoga
- Landlord's Representative: Richard Babeck - Tri State Commercial Realty
- Tenant's Representative: Maurice Amar - Tri State Commercial Realty
- Square Footage: 2,600
The deal was executed efficiently, with a note from the broker highlighting that it progressed from a finalized Letter of Intent (LOI) to lease execution within just 5 business days.
On the Map
$75
$75/SF
Retail
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Players
Brooklyn 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