Xing Fu Tang Signs 10-Year Lease For Production Facility At 850 3rd Avenue In Sunset Park
850 3rd Avenue
Building Size
15,085 SF
Asset Type
Retail
Closing
Feb 5, 2025
About this deal
AI
The property involved in this transaction is a retail asset located at 850 3rd Avenue in Sunset Park, Brooklyn. It has a total square footage of 15,085 and is leased at an asking rent of $24 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $24/ft
- Lease Term: 10-year lease
- Landlord: Richard Wagman - Madison Capital & Sal Rusi - Salmar Properties
- Tenant: Xing Fu Tang
- Landlord's Representative: Daniel Tack, David Junik & Mark Caso - Pinnacle Realty of New York
- Tenant's Representative: Casal San Andres - Buckley Organization
This lease marks the debut of Taiwanese boba chain Xing Fu Tang's stand-alone factory in the U.S., intending to serve as a production facility for boba tea. The space will facilitate production, storage, and distribution, with a planned opening in May to include on-site tea sales and an open kitchen experience.
On the Map
Retail
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Players
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Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
660958.33%
Cash-on-Cash
-188903.92%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93