Spot Dessert Bar Leases Retail Space In Long Island City, NY
28 Jackson Avenue, Long Island City, NY 11101
Building Size
1,382 SF
Asset Type
Retail
Closing
Oct 10, 2021
About this deal
AI
The retail property located at 28-01 Jackson Avenue in Long Island City was recently leased. The landlord, Tishman Speyer, entered into a lease agreement with the tenant, Spot Dessert Bar. The lease was facilitated by broker Jessilyn Chen from Compass. The property spans approximately 1,382 square feet and was listed at an asking rent of $80 per square foot.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Lease
- Address: 28-01 Jackson Avenue
- Market: Long Island City
- Landlord: Tishman Speyer
- Tenant: Spot Dessert Bar
- Broker: Jessilyn Chen - Compass
- Asking Rent: $80/ft.
- Square Footage: 1,382
Jessilyn Chen from Compass played a vital role as the broker representing both the landlord and the tenant in this lease transaction. The deal highlights the desirability of the property in Long Island City and the popularity of Spot Dessert Bar as a retail tenant. The successful leasing of this retail space demonstrates the proficiency and expertise of Jessilyn Chen in navigating the commercial real estate market in Long Island City.
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