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83 3rd Avenue

Forte Construction Corp. Leases Retail Space In Boerum Hill For $62/ft
LEASEDRetail

Forte Construction Corp. Leases Retail Space In Boerum Hill For $62/ft

83 3rd Avenue

$62

$62/SF

Building Size

4,000 SF

Asset Type

Retail

Closing

Mar 1, 2024

AI

The retail property located at 83 3rd Avenue in Boerum Hill, Brooklyn, was leased in a transaction involving landlord Ben Atkins and tenant Forte Construction Corp. The property spans 4,000 square feet, with an asking rent of $62 per square foot, under a Modified Gross Lease agreement.

Summary of transaction details:

The deal was facilitated by Jon Kamali, Jeremy Kamali, and Justin Kamali from J3K Real Estate, representing the landlord, while Elliot Zelinger and Scott Fink from Savitt Partners acted as the tenant's representatives in the lease agreement at 83 3rd Avenue.

Players

Jon Kamali

J3K Real Estate

Broker

$139.3M

vol

31 deals

Broker

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

255854.84%

Cash-on-Cash

-73124.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93