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815 Hutchinson River Expres...

Snipes Signs Long-Term Lease For Retail Space At Throggs Neck Shopping Center In Bronx
LEASEDRetail

Snipes Signs Long-Term Lease For Retail Space At Throggs Neck Shopping Center In Bronx

815 Hutchinson River Expressway

Building Size

6,854 SF

Asset Type

Retail

Closing

Sep 18, 2024

AI

The retail asset involved in this transaction is located at 815 Hutchinson River Expressway in the Bronx. The property spans 6,854 square feet and is situated within the Throggs Neck Shopping Center, which has a total area of 300,000 square feet. The transaction showcases a long-term lease agreement with notable retail potential, as it is anchored by well-known tenants such as Target and T.J. Maxx.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not Disclosed
  • Location: 815 Hutchinson River Expressway, Bronx
  • Asset Size: 6,854 square feet
  • Landlord: Martin Badour & Josh Gopan - Simone Development Companies
  • Tenant: Snipes
  • Landlord's Rep: Karnit Mosberg - Royal Properties
  • Tenant's Rep: Ryan Condren - JLL
  • Lease Signing Date: 09/18/2024
  • Store Opening Date: 11/21/2024

The deal features key individuals including the landlords, Martin Badour and Josh Gopan from Simone Development Companies, and the tenant Snipes, a sneaker retailer. The landlords' representation was handled by Karnit Mosberg from Royal Properties, while the tenant's interests were represented by Ryan Condren from JLL.

Players

Karnit Mosberg

Broker

$12.5M

vol

3 deals

Broker

Bronx 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