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41-61 Kissena Blvd Flushing...

M Star Institute Leases Retail Space In Flushing, NYC
LEASEDRetail

M Star Institute Leases Retail Space In Flushing, NYC

41-61 Kissena Blvd Flushing, NY 11355

Building Size

5,920 SF

Asset Type

Retail

Closing

Mar 31, 2022

AI

M Star Institute has leased a retail space located at 41-61 Kissena Blvd. in Flushing. The property, owned by Muss Development, offers a total of 5,920 square feet of space. The lease was finalized on April 1, 2022, with an asking rent of $100 per square foot.

Summary of transaction details

  • Property Type: Retail
  • Transaction Date: April 1, 2022
  • Address: 41-61 Kissena Blvd.
  • Market: Flushing
  • Landlord: Muss Development
  • Tenant: M Star Institute
  • Asking Rent: $100/ft.
  • Square Footage: 5,920

Project Queens, represented by Michael Wang, served as the listing agent for this lease transaction. Ross Spitalnick represented the landlord, Muss Development. Project Queens was chosen for their professional approach and understanding of the local Flushing market. It was part of the marketing strategy to find a strong local tenant due to slower activity from national tenants in the area compared to pre-pandemic levels.

In this deal, a local broker brought a great client, and Project Queens was happy to collaborate with them and guide them through the process as needed. The collaboration resulted in a win-win-win situation for everyone involved.

Players

Michael Wang

Project Queens

Broker

14 deals

Broker
Muss Development
Muss DevelopmentLandlord

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