Updated Dec 4, 2024
Ira Schwartz Secures $43M Construction Loan For Development Site In Arverne, Queens
350 Beach 79th Street
$43,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 6, 2023
About this deal
AI
An entity represented by Ira Schwartz, 79 Arverne Development LLC, secured a $43 million construction loan from Flushing Bank for a development site located at 350 Beach 79th Street in Arverne, Queens. The site is a development site with a buildable square footage (BSF) of 107,537.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $43,000,000
- Address: 350 Beach 79th Street, Arverne, Queens
- Market: Arverne, Queens
- Lender: Flushing Bank
- Landlord: Ira Schwartz
- Loan Type: Construction
In this deal, Ira Schwartz, representing 79 Arverne Development LLC, successfully secured a $43 million construction loan from Flushing Bank. The loan will be used for the development of the property located at 350 Beach 79th Street in Arverne, Queens.
On the Map
$43,000,000
Development Site
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Players
Far Rockaway Development Site Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93