New York City REIT announced that the entire ground floor of 8713 Fifth Ave. in Brooklyn, New York has been leased to Treasure Island, an operator of nursery schools and daycare centers with an almost 40-year history in the area. Treasure Island signed a 20-year lease that includes 1.5% annual rent increases and is expected to commence during the third quarter of 2022.
“The long-term lease we signed with Treasure Island will provide much needed classroom space for their rapidly growing programs,” said Michael Weil, CEO of NYC. “As a long-time operator of schools in the Bay Ridge neighborhood, Treasure Island is the perfect tenant for the ground floor of our property in Brooklyn. The quality of this tenant, the long lease we signed and the addition of over $345,000 of annualized straight-line rent will meaningfully enhance this property.”
