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123 28th Ave, Flushing, NY ...

Updated Oct 29, 2024

Lee 28th Avenue Realty LLC Acquires Industrial Property In College Point For $3.5M. (Bethpage Credit Union)
FINANCEDIndustrial

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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Deal FAQ

About $225 per square foot on a published $3.5M for 15,500 square feet (2018).

Browse Flushing industrial loans on Traded.

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

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