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3501 Northern Boulevard, Lo...

Respect Auto Group Leases Retail Space In Long Island City
LEASEDRetail

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

Luca DiCiero

NY Space Finders

Broker

$124.3M

vol

151 deals

Broker

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