Synchronicity Fitness Leases Retail Space In Downtown Brooklyn For $135/ft
479 Atlantic Avenue, Brooklyn, NY, USA
Building Size
1,500 SF
Asset Type
Retail
Closing
Nov 9, 2020
AI
Located at 479 Atlantic Avenue in Downtown Brooklyn, this retail property was recently leased to Synchronicity Fitness. The lease was facilitated by Alan Chabbott from EXRNY, who represented the tenant in this transaction. The landlord, WP Atlantic LLC, headed by Jesse Waxman, agreed to the deal.
Summary of transaction details:
- Property Type: Retail
- Address: 479 Atlantic Avenue
- Market: Downtown Brooklyn
- Tenant: Synchronicity Fitness
- Landlord: WP Atlantic LLC - Jesse Waxman
- Broker: Alan Chabbott - EXRNY
- Rent: $135/ft
- Square Footage: 1,500
Synchronicity Fitness, a boutique fitness studio, plans to implement a new COVID-19 friendly personal training program to cater to the neighborhood residents.
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