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445 Albee Square W, Brookly...

Court 16 Opens Flagship Tennis Club At City Point In Downtown Brooklyn
LEASEDRetail

Court 16 Opens Flagship Tennis Club At City Point In Downtown Brooklyn

445 Albee Square W, Brooklyn, NY 11201, United States

$60

$60/SF

Building Size

26,000 SF

Asset Type

Retail

Closing

Jul 1, 2023

AI

Court 16, the renowned tennis club, is set to open its flagship location at 445 Albee Square in City Point, Downtown Brooklyn. Spanning an impressive 26,000 square feet, this state-of-the-art venue will feature seven courts, a chic Ligne Roset lounge, and NYC's most comprehensive Babolat product line. With its modern facilities and innovative offerings, Court 16 is redefining tennis and pickleball experiences for both kids and adults.

Summary of transaction details

  • Property Type: Retail
  • Asking Rent: $60/ft
  • Square Footage: 26,000
  • Address: 445 Albee Square - City Point
  • Market: Downtown Brooklyn

The landlord, Acadia Realty Trust represented by AJ Levine, has partnered with Court 16 CEO Anthony Evrard to bring this flagship venue to life. The deal was facilitated by Ariel Schuster and Tyler King from Newmark, serving as the landlord's representatives. On the tenant's side, Jon Kamali from J3K Real Estate and Bradley Cohen from CBRE represented Court 16 in the negotiations.

Players

Bradley Cohen

CBRE

Broker

$134.5M

vol

11 deals

Broker
Acadia Realty Trust
Acadia Realty TrustBrokerage
Acadia Realty Trust
Acadia Realty TrustLandlord

Anthony Evrard

Tenant

$5.2M

vol

2 deals

Tenant

Brooklyn Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

264383.33%

Cash-on-Cash

-75561.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93