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2598 3rd Avenue, Bronx, NY,...

Columbia University Leases Retail Space In Bronx From Gideon Asset Management
LEASEDRetail

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

Solomon Sharaby

Kassin Sabbagh Realty

Broker

$6.3M

vol

104 deals

Broker
Gideon Asset Management
Gideon Asset ManagementLandlord

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