Ross Spitalnick Of Muzz Development Leases Retail Space To Gravity Fitness For $40 Per Foot
41-61 Kissena Boulevard
$40
$40/SF
Building Size
23,000 SF
Asset Type
Retail
Closing
Sep 25, 2026
About this deal
AI
The retail asset located at 41-61 Kissena Boulevard in Flushing encompasses a total square footage of 23,000. The asking rent for the property was set at $40 per square foot with a lease term of 15 years under a modified gross lease agreement.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $40/ft
- Lease Term: 15 Years
- Lease Type: Modified Gross Lease
- Landlord: Ross Spitalnick - Muzz Development
- Tenant: Gravity Fitness
- Broker: Steve Zhu - Compass
The agreement features Ross Spitalnick of Muzz Development as the landlord and Steve Zhu from Compass representing the tenant, Gravity Fitness, in the lease transaction.
On the Map
$40
$40/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
396575.00%
Cash-on-Cash
-113342.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93