St. Luke Coptic Orthodox Church Acquires Church From NY Pillar Church For $4.3M
263 10 Union Turnpike
$4,300,000
$420/SF
Building Size
10,230 SF
Asset Type
Church
Closing
Mar 10, 2025
About this deal
AI
The property asset involved in this transaction is a church located at 263 10 Union Turnpike in the Fresh Meadows market. The transaction was completed for $4,300,000.00, encompassing a total square footage of 10,230.0.
Summary of transaction details:
- Property Type: Church
- Transaction Amount: $4,300,000.00
- Buyer: St. Luke Coptic Orthodox Church
- Seller: NY Pillar Church
- Date of Sale: 03/10/2025
This transaction involved representatives with expertise in church governance and nonprofit regulations. Clear communication and legal knowledge were essential in facilitating the agreement between the two churches. The deal's success was achieved through strategic problem-solving and an understanding of the unique requirements in selling a religious property.
Players
Glen Oaks Church Market Snapshot
Boundary boundary · Church · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.69%
Cash-on-Cash
-1.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93