Connect One Bank Provides $1.6M Loan For Long Island City Development Site At 34-29 37th Street
34-29 37th Street, Long Island City, Queens, NY, USA
$1,600,000
$88/SF
Building Size
18,000 SF
Asset Type
Development Site
Closing
Dec 28, 2020
AI
A development site in Long Island City has been secured with a loan from Connect One Bank. The property, located at 34-29 37th Street, is a development site with a buildable square footage of 18,000. The loan amount for the transaction is $1,600,000, with a term of 18 months and an interest rate of 5.25%.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $1,600,000
- Address: 34-29 37th Street
- Market: Long Island City
- Loan Provider: Connect One Bank
Nelson Leong, the landlord, represented by Michael Volpe from Highcap_Group, facilitated the transaction. Nelson Leong is a key figure in this deal, and his representative, Michael Volpe, played a crucial role in negotiating the terms and securing the loan from Connect One Bank.
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
9.91%
Cash-on-Cash
-2.83%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93