Hanger Clinic Joins Storage Deluxe At 81 Morgan Avenue With 10 Year Lease In Brooklyn
81 Morgan Avenue
$60
$60/SF
Building Size
1,767 SF
Asset Type
Retail
Closing
Jul 1, 2024
AI
The property asset involved in this transaction is a retail space located at 81 Morgan Avenue in East Williamsburg, Brooklyn. The asking rent for the space is $60 per square foot, and it encompasses a total of 1,767 square feet. The lease agreement has a duration of 10 years.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $60/ft.
- Lease Term: 10 years
- Landlord: Storage Deluxe
- Tenant: Hanger Clinic
- Brokers: Ryan Schimel & Andrew Schulman - Capricorn Retail Advisors
- Remaining Space: Approximately 14,000 SF available for additional tenants
Ryan Schimel and Andrew Schulman of Capricorn Retail Advisors were instrumental in facilitating this lease transaction. Their involvement highlights a growing interest in the retail sector within the Bushwick area, which is seeing new tenants like Hanger Clinic establishing a presence at Storage Deluxe's 81 Morgan Avenue location.
Players
Brooklyn 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
264383.33%
Cash-on-Cash
-75561.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93