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8 Court Square

Warby Parker Leases Retail Space At 8 Court Square, Long Island City
LEASEDRetail

Warby Parker Leases Retail Space At 8 Court Square, Long Island City

8 Court Square

$150

$150/SF

Building Size

3,001 SF

Asset Type

Retail

Closing

Feb 22, 2024

AI

The retail property located at 8 Court Square in Long Island City was leased out to Warby Parker. The space spans 2,070 square feet with an asking rent of $150 per square foot. The property features a lower-level area with a 991 square foot private ground floor entrance on 44th Drive, suitable for a boutique fitness concept. Additionally, a 1,245 square foot space on Thomson Avenue is available, ideal for a café or similar tenant.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Address: 8 Court Square
  • Market: Long Island City
  • Landlord: Werwaiss Properties, in Partnership with Rose Associates
  • Tenant: Warby Parker
  • Asking Rent: $150/ft
  • Square Footage: 2,070

Steven E. Baker and Thomas Galo from Winick Realty Group represented both the landlord, Werwaiss Properties, and the tenant, Warby Parker, in this leasing deal. The property offers a prime location adjacent to the 8 Court Square residential entrance and overlooking Court Square Park, making it a desirable space for retail businesses.

Players

Thomas Galo

RTL Real Estate

Broker

12 deals

Broker

Long Island City 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

105753.33%

Cash-on-Cash

-30224.63%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93