The property involved in this transaction is a retail asset located at 850 3rd Avenue in Sunset Park, Brooklyn. It has a total square footage of 15,085 and is leased at an asking rent of $24 per square foot.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $24/ft
• Lease Term: 10-year lease
• Landlord: Richard Wagman - Madison Capital & Sal Rusi - Salmar Properties
• Tenant: Xing Fu Tang
• Landlord's Representative: Daniel Tack, David Junik & Mark Caso - Pinnacle Realty of New York
• Tenant's Representative: Casal San Andres - Buckley Organization

This lease marks the debut of Taiwanese boba chain Xing Fu Tang's stand-alone factory in the U.S., intending to serve as a production facility for boba tea. The space will facilitate production, storage, and distribution, with a planned opening in May to include on-site tea sales and an open kitchen experience.