Updated Oct 29, 2024
Madison Realty Capital Provides $46M Loan For Development Site At 38-59 11th Street In Long Island City
3859 11th St, Long Island City, NY 11101, USA
$46,000,000
Units
240
Asset Type
Development Site
Closing
Oct 30, 2019
About this deal
AI
The development site located at 38-59 11th Street in Long Island City has been involved in a closed transaction. The property, with a loan amount of $46,000,000, consists of a development site with a total of 240 units. The transaction was facilitated by brokers Gary Sefcik and Iona Liu from Marcus & Millichap. The lenders in this transaction were Madison Realty Capital, and the landlord involved was Teddy Li.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $46,000,000
- Address: 38-59 11th Street
- Market: Long Island City
- Units: 240
- Lender: Madison Realty Capital
- Landlord: Teddy Li
- Brokers: Gary Sefcik, Iona Liu - Marcus & Millichap
The deal involved Gary Sefcik and Iona Liu from Marcus & Millichap, who brokered the transaction. They played a key role in connecting the buyer and seller and facilitating the negotiation process. This transaction marks another successful deal in Long Island City's real estate market.
On the Map
$46,000,000
Development Site
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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
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93