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9 Dekalb Avenue

Life Time Leases 80000 Square Feet Retail Space At Silverstein's Brooklyn Tower
LEASEDRetail

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

Joe Mastromonaco

Broker

4 deals

Broker
Atlantic Retail
Atlantic Retail Brokerage
Silverstein Properties
Silverstein PropertiesLandlord
Bahram Akradi

Bahram Akradi

Life Time Group Holdings Inc.

Tenant

$26.5M

vol

3 deals

Tenant

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