Fat Joe's UpNYC Signs Lease For Retail Space At 2490 Third Avenue In Mott Haven, Bronx
2490 Third Avenue, West Bronx, Bronx, NY, USA
Building Size
6,000 SF
Asset Type
Retail
Closing
Apr 12, 2021
AI
The retail property located at 2490 Third Avenue in Mott Haven, Bronx, has been leased. The lease transaction took place on April 13, 2021. The property, owned by The Altmark Group, is situated in a market known for its vibrant retail scene.
Summary of transaction details
- Property Type: Retail
- Tenant: UpNYC and Fat Joe
- Landlord: The Altmark Group
- Address: 2490 Third Avenue
- Market: Mott Haven, Bronx
- Property Size: 6,000 sq ft
- Asking Rent: $50 per sq ft
- Brokers: Andrew Roth - Somerset Partners
The lease deal was facilitated by Andrew Roth from Somerset Partners, representing the tenant, UpNYC and Fat Joe. The retail space, spanning 6,000 sq ft, was secured at an asking rent of $50 per sq ft. For more information, interested parties can contact Oren Altmark at The Altmark Group by phone at (718)-401-1511 Ext:207.
It is worth noting that luxury apartments are also available for rent upstairs in the same building. Additional details about the apartments can be found on the official website (https://www.2490third.com/) and on Instagram (@2490Third).
Players
Bronx 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