Cadman Towers Inc Leases Retail Space To Maven Prep At 250 Cadman Plaza West In Brooklyn
250 Cadman Plaza West
$50
$50/SF
Building Size
9,100 SF
Asset Type
Retail
Closing
Feb 27, 2025
AI
The property asset involved in this transaction is a retail space located at 250 Cadman Plaza West in Brooklyn. The lease agreement is structured with an asking rent of $50 per square foot for a total area of 9,100 square feet. The lease term is set for 10 years with a 5-year option, under a modified gross lease agreement.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $50/ft
- Lease Term: 10 Years, 5 Year Option
- Lease Type: Modified Gross Lease
- Landlord: Cadman Towers Inc
- Tenant: Maven Prep
- Landlord's Representative: Joseph DiPiazza & John Le Vine - EXR
- Tenant's Representative: Eliot Goldschmidt & David Abrams - Masonre
- Market: Brooklyn
EXR secured exclusive marketing rights to the retail listing through innovative pricing models and a proven track record in commercial leasing. The complexity of this listing, as it was formerly a synagogue and part of a Mitchell-Lama cooperative, required a strategic approach. EXR collaborated closely with ownership to create a lease that addressed the financial needs while being aligned with the cooperative board’s preference for a daycare operator, ultimately achieving satisfactory terms for all parties involved.
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
317260.00%
Cash-on-Cash
-90673.88%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93