Updated Feb 16, 2024
Valley National Bank Refinances Development Site In Long Island City For $22.5M
26-32 Jackson Avenue, Queens, New York 11101, United States
$22,463,000
$298/SF
Building Size
75,200 SF
Asset Type
Development Site
Closing
Aug 9, 2022
About this deal
AI
Located at 26-32 Jackson Avenue in Long Island City, Queens, this development site is a noteworthy property in the market. It offers a buildable square footage (BSF) of 75,200, making it an attractive opportunity for developers.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $22,463,000
- Loan Type: Refinance
The loan for this property was provided by Valley National Bank, with Jeff Puchin and Christopher Gregg representing the bank in the transaction. The landlords involved in this deal are Lions Group and Fetner Properties, with Ramin Shirian and Harold Fetner representing their respective companies.
This transaction, which took place on August 10, 2022, showcases the collaboration between multiple entities in the real estate market. The involvement of Valley National Bank as the lender and Lions Group and Fetner Properties as the landlords demonstrates the importance of partnerships in successful real estate deals.
Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93