Goldman Sachs Provides $21.3M Loan For Long Island City Development Site
38-21 9th St, Long Island City, NY 11101, USA
$21,300,000
$289/SF
Building Size
73,644 SF
Asset Type
Development Site
Closing
Mar 12, 2020
AI
A development site located at 38-21 9th Street in Long Island City has been involved in a closed transaction. The property is owned by McSam Hotel Group – Sam Chang and the lender for the deal is Goldman Sachs. The loan amount for this transaction is $21,300,000. The property has a buildable square footage of 73,644.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $21,300,000
- Address: 38-21 9th Street
- Market: Long Island City
The key individuals and companies involved in this deal are David Solomon, representing Goldman Sachs, and Sam Chang, representing McSam Hotel Group.
Players
New York 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
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93