Risland Holdings Acquires Queens Condo Complex For $161.3M
SOLD
$161,300,000
New York
See Similar DealsCondo986 SF
Sold 03/08/2022
SOLD
Risland Holdings Acquires Queens Condo Complex For $161.3M
3 Ct Square W Queens, NY 11101, USA
See Similar DealsCondo986 SF
Sold 03/08/2022
Summary
NEW YORK
Asset Type:Condo
Price Per Square Foot:$163,590
Total Square Footage:986 SF
Transaction Type:Sale
The Condo located at 3 Court Square (23-15 44th Drive) in Queens has been sold for a total of $161,300,000. The sale was completed on 08/03/2022 and the property consists of 801 units with an average price per unit of $201,373. The total square footage of the property is 80,379, with a price per square foot of $2,007.
Summary of transation details
- Property Type: Condo
- Transaction Amount: $161,300,000
- Units: 801
- Price per Unit: $201,373
- Square Footage: 80,379
- Price per Square Foot: $2,007
- Market: Queens
The buyer of the property is Risland Holdings, while the sellers include United Construction, Development Group, and FSA Capital.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,602,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$573,064.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$764,644.29
Annual Debt Service$9,175,731.50
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