Updated Apr 3, 2025
Meridian Capital Group Arranges $6.7M Acquisition Loan For Development Site In Long Island City
23-17 41st Ave. Long Island City, NY 11101, USA
$6,700,000
$167,500/SF
Building Size
40 SF
Asset Type
Development Site
Closing
Jul 11, 2022
About this deal
AI
Located in Long Island City, the development site at 23-17 41st Avenue has recently undergone a transaction. The property, spanning 40,000 square feet, has been acquired through an Acquisition loan.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,700,000
- Address: 23-17 41st Avenue, Long Island City
- Market: Long Island City
Leading the deal were Morris Betesh and Omar Ferreira from Meridian Capital Group, who represented the buyer. On the lending side, Maxim Capital Group provided the loan, with Josh Greene, Adam Glick, and David Chillura overseeing the transaction. Jasper Wu, from ZD Jasper Real Estate, acted as the landlord in this deal.
Kudos to Morris Betesh and Omar Ferreira from Meridian Capital Group for their efforts in completing the transaction successfully.Players
Long Island City Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.37%
Cash-on-Cash
-0.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93