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2490 Third Avenue, West Bro...

Fat Joe's UpNYC Signs Lease For Retail Space At 2490 Third Avenue In Mott Haven, Bronx
LEASEDRetail

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

Andrew J. Roth

Somerset Residential

Broker

$11.5M

vol

13 deals

Broker
TG
The Altmark GroupLandlord

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