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888 Manhattan Avenue

Mike Was Leases Retail Space At 888 Manhattan Avenue Brooklyn To The Sleep Loft NYC
LEASEDRetail

Mike Was Leases Retail Space At 888 Manhattan Avenue Brooklyn To The Sleep Loft NYC

888 Manhattan Avenue

$81

$81/SF

Building Size

2,000 SF

Asset Type

Retail

Closing

Sep 20, 2024

AI

The property asset involved in the transaction is a retail space located at 888 Manhattan Avenue in Brooklyn. The lease type is a NNN lease, with an asking rent of $81 per foot for a total of 2,000 square feet.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $81/ft
  • Square Footage: 2,000
  • Address: 888 Manhattan Avenue
  • Market: Brooklyn
  • Landlord: Mike Was
  • Tenant: The Sleep Loft NYC
  • Landlord's Representative: Joseph DiPiazza & John Le Vine - EXR
  • Tenant's Representative: Jordan Langer - Meridian Capital Group
  • Lease Type: NNN Lease

The deal includes key representatives from both parties involved. Joseph DiPiazza and John Le Vine from EXR represent the landlord, while Jordan Langer from Meridian Capital Group represents the tenant.

Players

Joseph DiPiazza

EXR

Broker

$50.6M

vol

36 deals

Broker

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

195839.51%

Cash-on-Cash

-55971.53%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93