Round1 Bowling & Arcade Signs 10-Year Lease At The Shops At Skyview In Flushing For $4M
40-24 College Point Boulevard
$4,000,000
$4,000,000/SF
Building Size
80,300 SF
Asset Type
Retail
Closing
Dec 11, 2024
About this deal
AI
The property involved in the transaction is located at 40-24 College Point Boulevard in Flushing, Queens. This retail asset consists of 80,300 square feet and has an annual lease value of $4,000,000. The location is significant as it marks the first establishment of Round1 Bowling & Arcade in New York City.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,000,000/Year
- Lease Term: 10-year lease
- Landlord: Stephen A. Schwarzman - Blackstone
- Tenant: Hirotoshi Takahashi - Round1 Bowling & Arcade
- Landlord's Representative: Jeremy Isaacs, Peter Ripka, Todd Cooper - Ripco
- Tenant's Representative: Andrew Stern & David Friedman - Newmark
The deal was brokered with notable individuals from the respective real estate agencies. Newmark's representatives for the tenant included Andrew Stern and David Friedman, while the landlord, represented by Jeremy Isaacs, Peter Ripka, and Todd Cooper, is associated with Ripco Real Estate. This agreement is noted as the largest new retail lease in NYC for the year.
On the Map
$4,000,000
$4,000,000/SF
Retail
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Players
Flushing 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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93