Updated Oct 28, 2024
Hirshmark Capital Provides $12M Acquisition Loan For Long Island City Development Site
29-16 40th Avenue
$12,000,000
Building Size
—
Asset Type
Development Site
Closing
Jul 28, 2022
About this deal
AI
A development site located at 29-16 40th Ave. in Long Island City, Queens has been involved in a recent loan transaction. The property has a buildable square footage (BSF) of 95,000 and is owned by SB Development Group, represented by Joseph Stern. The loan was provided by Hirshmark Capital in the amount of $12,000,000 for the purpose of acquisition.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $12,000,000
- Address: 29-16 40th Ave.
- Market: Long Island City, Queens
- BSF: 95,000
- Lender: Hirshmark Capital
- Landlord: SB Development Group - Joseph Stern
- Broker: Jake Soodek - Hirshmark Capital
Jake Soodek from Hirshmark Capital acted as the broker representative in this loan transaction. The collaboration between Hirshmark Capital and SB Development Group facilitated the acquisition of the development site, ensuring a successful deal for all parties involved.
On the Map
$12,000,000
Development Site
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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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93