Hershey Grunfeld Leases Retail Space To Deli Grocery Market At 224 Third Avenue Brooklyn
224 Third Avenue
$100
$100/SF
Building Size
2,000 SF
Asset Type
Retail
Closing
Nov 24, 2025
About this deal
AI
The property asset involved in the transaction is located at 224 Third Avenue in Brooklyn, encompassing a retail space with a total square footage of 2,000. The lease term established is for 10 years under a Modified Gross Lease structure, with an asking rent of $100 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $200,000
- Address: 224 Third Avenue
- Market: Brooklyn
- Landlord: Hershey Grunfeld
- Tenant: Deli/Grocery Market
- Landlord's Representative: Richard Babeck - Tri State Commercial Realty
- Lease Term: 10 Years
- Lease Type: Modified Gross Lease
The deal involved key individuals, including the landlord, Hershey Grunfeld, who provides the retail space, and the tenant, which is a Deli/Grocery Market. Richard Babeck from Tri State Commercial Realty represents the landlord in this transaction.
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
158630.00%
Cash-on-Cash
-45336.94%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93