Updated Oct 29, 2024
Yong Ho Lee Acquires Office Building In Bayside, Queens For $13.6M
213-07 Northern Blvd Queens, NY 11361, USA
$13,625,000
$347/SF
Building Size
39,248 SF
Asset Type
Office
Closing
Aug 17, 2023
About this deal
AI
An office building located at 213-07 Northern Boulevard in Bayside, Queens, has been sold for a price of $13,625,000. The property offers a spacious area with a total of 39,248 square feet. This transaction demonstrates the demand for office spaces in the Bayside market.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $13,625,000
- Address: 213-07 Northern Boulevard, Bayside, Queens
- Market: Bayside, Queens
- Square Footage: 39,248
- Price per Square Foot: $347
The office building was acquired by Yong Ho Lee, marking a significant investment in the area. The seller, Allied Properties, represented by Michael Emory and Cecilia Williams, recognized the value of this property and decided to pursue the sale. This transaction showcases the confidence in the Bayside market and the potential for future growth.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.16%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93