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722 10th Avenue, Queens, Ne...

Fancy 2 Corp. Leases Retail Space In Hell's Kitchen At 722 Tenth Ave
LEASEDRetail

Fancy 2 Corp. Leases Retail Space In Hell's Kitchen At 722 Tenth Ave

722 10th Avenue, Queens, New York 11356, United States

Building Size

1,000 SF

Asset Type

Retail

Closing

Mar 31, 2022

AI

The retail property located at 722 Tenth Ave in Hell's Kitchen, leased by Fancy 2 Corp., recently underwent a transaction. The landlord of the property is Steven Croman. Representing the tenant, Fancy 2 Corp., is Josh Sarraf from Avenue Realty Advisors. On the other hand, Meridian Retail Leasing's Ben Biberaj and Ryan Fridolfs serve as the landlord's representatives in the deal.

Summary of transaction details:

  • Property Type: Retail
  • Asking Rent: $100 per square foot
  • Square Footage: 1,000
  • Date: 04/01/2022

The lease agreement for the retail space was successfully concluded with an asking rent of $100 per square foot. The transaction between Fancy 2 Corp. and the property's landlord, Steven Croman, was facilitated by the expertise of Josh Sarraf from Avenue Realty Advisors, representing the tenant. Ben Biberaj and Ryan Fridolfs from Meridian Retail Leasing acted as the landlord's representatives, ensuring a smooth transaction process.

Players

Ben Biberaj

IPRG Retail Leasing

Broker

$26.2M

vol

192 deals

Broker
Steve Croman

Steve Croman

Centennial Properties

Landlord

$50.1M

vol

40 deals

Landlord

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