Updated Oct 29, 2024
Lee 28th Avenue Realty LLC Acquires Industrial Property In College Point For $3.5M. (Bethpage Credit Union)
123 28th Ave, Flushing, NY 11354, USA
$3,500,000
$225/SF
Building Size
15,500 SF
Asset Type
Industrial
Closing
Jun 21, 2018
About this deal
AI
A 15,500 square foot industrial property located at 123-01 28th Avenue in College Point, NY has been financed for $3,500,000. The property is owned by Lee 28th Avenue Realty LLC, represented by Lee Boye, and is situated in the College Point market. The loan was provided by Bethpage Credit Union, and has a 10-year fixed term.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $3,500,000
- Address: 123-01 28th Avenue, College Point, NY
- Market: College Point
- Landlord: Lee 28th Avenue Realty LLC - Lee Boye
- Lender: Bethpage Credit Union
- Term: 10 Year Fixed
- Square Footage: 15,500 sf
The financing deal was initiated by Bethpage Credit Union, who provided a loan of $3,500,000 to Lee 28th Avenue Realty LLC for the industrial property located at 123-01 28th Avenue in College Point, NY. The property spans a total of 15,500 square feet and has a 10-year fixed term. Lee 28th Avenue Realty LLC, represented by Lee Boye, is the landlord of the property. This transaction further highlights the close relationship between Bethpage Credit Union and Lee Boye, representing Lee 28th Avenue Realty LLC.
Players
Flushing Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93