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
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