Details
Albert Aranbaev of Asset Commercial Realty Group (“AssetCRG”) represented the purchaser, who is a private investor, on this transaction. The property is a single-unit commercial building currently fully- leased to The New York City School Construction Authority (Board of Education). The tenant is occupying the space as a New York City Public School, District 28 Pre-K Center – Early Childhood. The school moved into the space in November 2014 and put ~$5 Million into renovation of the building. The building is approximately 12,360 square feet, plus the tenant occupies exterior land of ~ 1,000 square feet. The tenant is responsible to pay all utilities plus the increase in taxes over base year. In the current (initial) term of the lease which commenced November 2014, the tenant is paying $333,720 per year through November 2019. After November 2019, the tenant’s rent increases to $375,496.80 per year. The building is located just west of the Van Wyck Expressway where the E subway train is conveniently located. In addition, the J & Z trains are located just a few blocks west on Jamaica Avenue.
- Asset Commercial Realty Group represented the purchaser in this transaction
- Sold For: $5,000,000
- Asset Type:
- SF: 12,360 SF
- CAP: 4.8%
- PPSF: $404.53
