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.
Players
Far Rockaway Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
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