Updated Dec 21, 2023
Richard McCready Acquires Commercial Property In Maspeth, Queens For $51.25M
30 Grand Avenue, Queens, New York 11378, United States
$51,250,000
$338/SF
Building Size
151,384 SF
Asset Type
Commercial
Closing
Mar 23, 2022
About this deal
AI
The property involved in the transaction is located at 58-30 Grand Avenue in Maspeth, Queens. It is a commercial property with a zoning designation of M3-1. The property has a lot size of 50,800 square feet and its dimensions are 273 feet by 240 feet. The last recorded sale of the property took place on October 11, 2018, for a price of $39,000,000. An alteration permit was issued on August 7, 2020.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: $51,250,000
- BSF: 101,600
- PPBSF: $504
- SF: 151,384
- PPSF: $338
- FAR: 2.98
- Tax Class: 4
The buyer in this transaction is Richard McCready, and the seller is Daniel Kasell.
Players
New York Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93