Jacob Rad's LIC Hotel Property Sells In Long Island City For $40.5M
SOLD
$40,500,000
Maryland
See Similar DealsHotel63,649 SF
Sold 07/20/2023
SOLD
Jacob Rad's LIC Hotel Property Sells In Long Island City For $40.5M
39-06 30th St Queens, NY 11101, USA
See Similar DealsHotel63,649 SF
Sold 07/20/2023
Summary
MARYLAND
Asset Type:Hotel
Price Per Square Foot:$636
Total Square Footage:63,649 SF
Transaction Type:Sale
A hotel property located at 39-06 30th Street in Long Island City has been recently sold for a total price of $40,500,000. The property spans across 63,649 square feet, resulting in a price per square foot of $636. This transaction involves the sale of the hotel asset.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $40,500,000
- Address: 39-06 30th Street, Long Island City
- Market: Long Island City
- Square Footage: 63,649
- Price per Square Foot: $636
Jacob Rad, the representative of the LIC Hotel Property, acted as the seller in this transaction. The seller was represented by Gary Rosen, an attorney from Rosen Law LLC located in Great Neck. The involvement of Gary Rosen and Rosen Law LLC highlights the legal aspect of the deal.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,160,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$143,887.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$191,990.66
Annual Debt Service$2,303,887.95
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