Cammeby's International Leases 38000 Square Feet At 532 Neptune Ave Brooklyn With Lee Block As Landlord's Representative
532 Neptune Ave, Brooklyn, NY, 11224
Building Size
38,000 SF
Asset Type
Retail
Closing
Jun 8, 2017
About this deal
AI
The property involved in this transaction is located at 532 Neptune Ave, Brooklyn, NY, 11224. It is a retail space comprising a total of 38,000 square feet. The site is part of a future 40-story mixed-use tower being developed by Cammeby's International, situated at the Trump Village Shopping Center in Brooklyn.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Address: 532 Neptune Ave, Brooklyn, NY, 11224
- Market: Brooklyn
- Landlord: Cammeby's International
- Tenant: NetCost Market
- Landlord's Rep: Lee Block, Darrell Rubens, and Jeff Winick - Winick Realty Group
- Tenant's Rep: Jason Gerbsman - HUDSON
This lease agreement involves NetCost Market, a Russian grocery chain with six other locations in New York City. The landlord, represented by a team from Winick Realty Group, secured this lease to occupy the ground floor of the new development at the property. The specifics regarding asking rents were not disclosed in the transaction details.
Players
Brooklyn 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