39th Ave Equity LLC Acquires Multifamily Property In Long Island City For $28.6M
SOLD
$28,625,000
New York
See Similar DealsDevelopment Site131,535 SF
Sold 06/20/2022
SOLD
39th Ave Equity LLC Acquires Multifamily Property In Long Island City For $28.6M
32-03 39th Avenue, Queens, New York 11101, United States
See Similar DealsDevelopment Site131,535 SF
Sold 06/20/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$217
Total Square Footage:131,535 SF
Transaction Type:Sale
The multifamily property at 32-03 & 31-17 39th Ave. in Long Island City has been sold for a price of $28,625,000. The property spans a total of 99,996 square feet, resulting in a price per square foot of $286.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $28,625,000
- Market: Long Island City
The buyer of the property is 39th Ave. Equity LLC. The seller consists of two entities, AHRC New York City and Denham Wolf Real Estate Services - Christopher Turner representing the latter. Christopher Turner acted as the representative for Denham Wolf Real Estate Services in the deal.
Players
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,526,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$101,698.58
Cash-on-Cash Return-1.27%
Monthly Debt Service$135,697.10
Annual Debt Service$1,628,365.25
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