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
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