EXR Brokers Facilitate Sale Of Freestanding Retail Property On Kent Avenue
291 Kent Ave, Brooklyn, NY 11249, USA
Building Size
6,050 SF
Asset Type
Retail
Closing
Jun 30, 2019
AI
Located at 291 Kent Avenue in Brooklyn's Williamsburg neighborhood, this freestanding retail property recently changed hands in a closed transaction. The property spans 6,050 square feet and was listed with an asking price of $40,000, resulting in a price per square foot of $79.40.
Summary of transaction details:
- Property Type: Freestanding Retail
- Transaction Amount: $40,000
- Address: 291 Kent Avenue, Brooklyn, Williamsburg
- Market: Brooklyn, Williamsburg
- Landlord: MYT Properties – Yidel & Toby Hirsch
- Tenant: Blend
- Brokers: Alan Chabbott, Brad Krosser, Brendan Thrapp – EXR, Chandler Slate – Tri State Commercial
The deal was facilitated by a team of brokers including Alan Chabbott, Brad Krosser, Brendan Thrapp from EXR, and Chandler Slate from Tri State Commercial. Bringing their expertise and knowledge of the market, they successfully represented the landlord, MYT Properties – Yidel & Toby Hirsch, in this transaction. The involvement of Blend as the tenant adds another layer to the deal, highlighting their interest in this prime retail location.
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