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5-14 51st Avenue, Long Isla...

SkyHighRealtyX Leases 7,500 SF Retail Space In Long Island City
LEASEDRetail

SkyHighRealtyX Leases 7,500 SF Retail Space In Long Island City

5-14 51st Avenue, Long Island City, NY, USA

Building Size

7,500 SF

Asset Type

Retail

Closing

Apr 13, 2021

AI

The original Alewife Brew Pub located at 5-14 51 Ave. in Long Island City has been leased to new tenants. The property, which is a 3-level, 7,500 square foot restaurant and bar, is currently undergoing renovations by El Grupo SN to create a new concept for the space. El Grupo SN, along with F&B operators Nathan Leong and Michael Wang, aims to bring a fresh dining experience to the heart of LIC. There are also rumors of a possible future brewery on the premises. Stay tuned for updates!

Summary of transaction details

  • Property Type: Retail
  • Transaction Date: 04/14/2021
  • Market: Long Island City
  • Tenant: SkyHighRealtyX
  • Brokers: Michael Wang & Victor Chung - Project Queens
  • Asking Rent: $26.50/ft.

Note from broker: The Alewife Brew Pub was forced to close its doors in 2020 due to the pandemic, but a new establishment is set to take its place. El Grupo SN, known for their innovative concepts, will be in charge of transforming the space into a vibrant restaurant and bar. With the potential addition of a brewery, this new venture is sure to be an exciting addition to the LIC dining scene. Keep an eye out for updates from El Grupo SN and Nathan Leong as they work their magic!

Players

Michael Wang

Project Queens

Broker

14 deals

Broker

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