Thomas Galo & Steven E. Baker Lease Retail Space To Wells Fargo In Long Island City
8 Court Square
$150
$150/SF
Building Size
3,001 SF
Asset Type
Retail
Closing
Feb 22, 2024
AI
Located at 8 Court Square in Long Island City, this retail building offers a lower-level area totaling 5,109 square feet. It includes a 991 square foot private ground floor entrance on 44th Drive, ideal for a boutique fitness concept. Additionally, there is a 1,245 square foot space available on Thomson Avenue, situated next to the 8 Court Square residential entrance and overlooking Court Square Park, making it a perfect spot for a café or similar tenant.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $150 per square foot for 3,001 square feet
- Landlord: Werwaiss Properties, In Partnership With Rose Associates
- Tenant: Wells Fargo
- Brokers: Thomas Galo & Steven E. Baker - Winick Realty Group
- Lease Type: Modified Gross Lease
Winick Realty Group, through brokers Thomas Galo and Steven E. Baker, facilitated the lease deal between Werwaiss Properties in partnership with Rose Associates and Wells Fargo. The available spaces within the retail building offer unique opportunities for businesses in the fitness or dining industry, enhancing the commercial landscape of the area.
Players
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