Tri State Commercial Realty
Brooklyn, NY According to Tri State Commercial Realty, Zack’s Dance Loft has signed a 10-year lease at 839 Broadway for 1,640 s/f. Asking rent for this property was $70 per s/f.
Avi Akiva of Tri State acted on behalf of the landlord, Mordechai Koslowitz, while Victor Salem and Chandler Slate of Tri State represented the tenant.
The studio owner is relocating from Manhattan to the new space in the Bushwick neighborhood. Zack’s Dance Loft’s soft opening date is set for summer, 2019. Located on the corner of Broadway and Park Ave steps away from the J, M, Z train station. Nearby retailers include Starbucks, Chase Bank, and T-Mobile.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,