Arc Properties Leases 1,500 SF Retail Space To Mermaid Discount In Brooklyn For $50/ft

The property involved in this transaction is a retail asset located at 1622 Mermaid Avenue in Brooklyn. The asking rent for this lease is $50 per square foot, with a total area of 1,500 square feet. The lease term spans 10 years and is categorized as a modified gross lease.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $50/ft
• Address: 1622 Mermaid Avenue
• Market: Brooklyn
• Lease Term: 10 Years
• Lease Type: Modified Gross Lease
• Landlord: Arc Properties
• Tenant: Mermaid Discount
• Landlord's Representative: Moshe Akiva - Momentum Realty Group
• Tenant's Representative: Victor Safenia - Momentum Realty Group

The transaction involved key representatives from Momentum Realty Group. Moshe Akiva represented Arc Properties, while Victor Safenia represented Mermaid Discount, facilitating the terms of the lease agreement between the landlord and tenant.