Life Time Leases 80000 Square Feet Retail Space At Silverstein's Brooklyn Tower
9 Dekalb Avenue
Building Size
80,000 SF
Asset Type
Retail
Closing
Mar 11, 2025
AI
The property asset involved is a retail space located at 9 Dekalb Avenue in Brooklyn, comprising a total of 80,000 square feet spread across seven floors. The market for this location indicates a strategic positioning within the retail sector, enhancing its appeal for prospective tenants.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 9 Dekalb Avenue
- Market: Brooklyn
- Square Footage: 80,000
- Landlord: Shawn Katz - Silverstein Properties
- Tenant: Bahram Akradi - Life Time
- Landlord's Representative: Jackie Totolo - Newmark
- Tenant's Representative: Joe Mastromonaco - Atlantic Retail
Life Time has signed a lease agreement for the specified retail space, with an anticipated opening set for late 2026. The involvement of representatives from both Silverstein Properties and Atlantic Retail showcases the collaborative efforts in securing this lease transaction for the Brooklyn Tower development.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93