Updated Oct 28, 2024
Aeroterm Leases Dev Site In Queens From Port Authority Of NY & NJ For 20 Years
Queens, NY, USA
Building Size
350,000 SF
Asset Type
Development Site
Closing
Jun 22, 2021
About this deal
AI
Aeroterm has signed a lease agreement with the Port Authority of New York & New Jersey for a development site in Queens. The property, with a building square footage (BSF) of 350,000, will be leased for a term of 20 years.
Summary of transaction details
- Property Type: Dev site
- Transaction Amount: Lease
- Tenant: Aeroterm
- Landlord: Port Authority of New York & New Jersey - Andrew Cuomo & Kevin O’Toole
- BSF: 350,000
- Term: 20 years
The lease agreement was made between Aeroterm and the Port Authority of New York & New Jersey. Andrew Cuomo and Kevin O’Toole represented the landlord in this deal.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Lease transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93