Good Fortune Realty Of New York Refinances $7.6M Loan For Commercial Condo In Flushing
42-76 Main Street
$7,600,000
Building Size
—
Asset Type
Condo
Closing
Jul 31, 2024
About this deal
AI
A 10,536 sq. ft. commercial condo located at 42-76 Main Street in Flushing, Queens was refinanced for $7,600,000. The price translates to $721 per square foot. The refinancing involved NewBank as the new lender, replacing Hirshmark Capital.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $7,600,000
- Lender: Hee Chul Chung - NewBank
- Landlord: Kuan He Wu - Good Fortune Realty of New York
- Previous Lender: Hirshmark Capital
The transaction features Hee Chul Chung representing NewBank in the deal. Kuan He Wu represented Good Fortune Realty of New York, overseeing the refinancing process for the specified commercial asset.
On the Map
$7,600,000
Condo
View full map
Players
Flushing Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.09%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93