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
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