Brooklyn Basketball Academy Leases Retail Space At 306 Water Street In Brooklyn For $65/ft
306 Water Street
$65
$65/SF
Building Size
6,000 SF
Asset Type
Retail
Closing
Dec 1, 2024
AI
The property involved in this lease transaction is a retail space located at 306 Water Street in Brooklyn. The asset encompasses 6,000 square feet with an asking rent of $65 per square foot. This lease is classified as a modified gross lease.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $65/ft
- Square Footage: 6,000
- Address: 306 Water Street
- Market: Brooklyn
- Landlord: Constellation Real Estate Group
- Tenant: Brooklyn Basketball Academy
- Broker: REQCE Commercial
Constellation Real Estate Group serves as the landlord while Brooklyn Basketball Academy is recognized as a premier youth basketball training program, marking their third location in the area. REQCE Commercial represented both parties in this transaction and noted its significance as their second major sports project in DUMBO.
Players
Brooklyn 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
244046.15%
Cash-on-Cash
-69749.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93