Columbia University Leases Retail Space In Bronx From Gideon Asset Management
2598 3rd Avenue, Bronx, NY, USA
Building Size
2,000 SF
Asset Type
Retail
Closing
Dec 31, 2020
AI
The asset involved in this transaction is a retail property located at 2598 3rd Avenue in the Bronx. The property was leased to The Trustees of Columbia University by the landlord, Gideon Asset Management. The lease was facilitated by Solomon Sharaby from Kassin Sabbagh Realty. The asking rent for the property was $75 per square foot, and the total square footage of the space is 2,000 square feet.
Summary of transaction details:
- Property Type: Retail
- Tenant: The Trustees of Columbia University
- Landlord: Gideon Asset Management
- Tenant's Representative: Solomon Sharaby - Kassin Sabbagh Realty
- Asking Rent: $75 per square foot
- Total Square Footage: 2,000 square feet
This lease agreement represents a collaboration between The Trustees of Columbia University, who will be utilizing the retail space, and Gideon Asset Management, who owns the property. The negotiation and finalization of the lease was facilitated by Solomon Sharaby from Kassin Sabbagh Realty. This transaction highlights the ongoing commitment of Columbia University to expand its presence in the Bronx's retail market.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93