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67-09 Fresh Pond Road

Met Fresh Signs Ground Lease For Retail Space At 6709 Fresh Pond Road In Ridgewood
LEASEDRetail

Met Fresh Signs Ground Lease For Retail Space At 6709 Fresh Pond Road In Ridgewood

67-09 Fresh Pond Road

$65

$65/SF

Building Size

14,000 SF

Asset Type

Retail

Closing

Sep 19, 2023

AI

An agreement has been reached for a ground lease of a retail property located at 6709 Fresh Pond Road in the Ridgewood market. The property spans approximately 14,000 square feet and was leased by Tenny Yam of YYY Realty to the tenant, Met Fresh. The landlord was represented by Dorel Melloul and Marc Sitt from KSR, while Nathaniel Mallon, Brendan Thrapp, and Julia Zoraian from Verada Retail acted as the tenant's representatives. The asking rent for the property was $65 per square foot.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not available
  • Address: 6709 Fresh Pond Road
  • Market: Ridgewood
  • Landlord: Tenny Yam - YYY Realty
  • Tenant: Met Fresh
  • Landlord's Representatives: Dorel Melloul & Marc Sitt - KSR
  • Tenant's Representatives: Nathaniel Mallon, Brendan Thrapp & Julia Zoraian - Verada Retail
  • Asking Rent: $65/ft
  • Square Footage: 14,000
  • Lease Type: Ground Lease

The deal involved several key individuals and companies. Tenny Yam of YYY Realty served as the landlord, while Dorel Melloul and Marc Sitt represented the landlord's interests on behalf of KSR. On the tenant's side, Met Fresh secured the lease agreement, with Nathaniel Mallon, Brendan Thrapp, and Julia Zoraian from Verada Retail acting as their representatives. This transaction highlights the collaboration between these parties in achieving a successful ground lease agreement.

Players

Marc Sitt

Kassin Sabbagh Realty

Broker

$272.9M

vol

64 deals

Broker

Ridgewood 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

244046.15%

Cash-on-Cash

-69749.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93