Respect Auto Group Leases Retail Space In Long Island City
3501 Northern Boulevard, Long Island City, NY 11101, USA
Building Size
28,000 SF
Asset Type
Retail
Closing
Dec 9, 2019
AI
The property involved in this transaction is a retail asset located at 35-01 Northern Blvd in Long Island City. It has a total square footage of approximately 28,000, which includes a 10,000 sqft showroom facing Northern Blvd and two contiguous 10,000 square feet of warehouse space. The tenant of the property is Harrison Gray, who represents Respect Auto Group. The landlord is Daniel Zirin, who owns East Shore 35-01 Realty, LLC. The brokers involved in this deal are Luca DiCiero and Larry Reiff.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $1,000,000
- Address: 35-01 Northern Blvd
- Market: Long Island City
Luca DiCiero and Larry Reiff played a crucial role in facilitating this deal as the brokers involved. They acted as representatives for the respective parties, ensuring a smooth transaction between Harrison Gray and Daniel Zirin. This transaction highlights the active real estate market in Long Island City and the demand for retail properties in the area.
Players
Long Island City 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