Elias Tsinias Leases Retail Space At 979 2nd Avenue To The Nuts Factory For 10 Years
979 2nd Avenue
$162
$162/SF
Building Size
1,400 SF
Asset Type
Retail
Closing
Jul 18, 2025
About this deal
AI
The asset involved in this transaction is a retail space located at 979 2nd Avenue in Turtle Bay, Manhattan. The lease has an asking rent of $162 per square foot and covers a total area of 1,400 square feet. This is a Modified Gross Lease with a term of 10 years.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $162/ft
- Lease Term: 10 Years
- Lease Type: Modified Gross Lease
- Landlord: Elias Tsinias
- Tenant: The Nuts Factory
- Landlord's Representative: Herman Glaswand - Compass
- Tenant's Representative: Richard Babeck - Tri State Commercial Realty
The deal was facilitated by representatives Herman Glaswand and Richard Babeck, who played significant roles for the landlord and tenant respectively. Richard Babeck's team continues to focus on tenant representation, indicating their ongoing commitment to finding suitable spaces for The Nuts Factory's future locations. Interested parties can reach out to Richard for potential locations.
Players
New York 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
97919.75%
Cash-on-Cash
-27985.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93