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
New York Retail Market Snapshot
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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