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
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