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44-01 Northern Boulevard, Q...

Updated Nov 28, 2024

Silverstein Properties Acquires Development Site In Long Island City, Queens For $39.75M
SOLDDevelopment Site

Silverstein Properties Acquires Development Site In Long Island City, Queens For $39.75M

44-01 Northern Boulevard, Queens, NY, USA

$39,750,000

$132/SF

Building Size

300,000 SF

Asset Type

Development Site

Closing

Nov 2, 2021

About this deal

AI

Larry Silverstein's Silverstein Properties has acquired a development site in Long Island City, Queens for $39,750,000. The property is located at 44-01 Northern Boulevard.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $39,750,000
  • Buyer: Silverstein Properties
  • Seller: Bruce Bendell

The deal was facilitated by JLL brokers Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, and Winfield Clifford. This acquisition adds to Silverstein Properties' portfolio in the Long Island City market.

The development site sale at 44-01 Northern Boulevard, Queens, NY, USA in New York, New York sold for $39.8M in 2021. The building is 300,000 square feet, implying about 132 per square foot on the published price. Ethan Stanton, Brendan Maddigan, Winfield Clifford, Michael Mazzara appear on the sale alongside Silverstein Properties, The Corcoran Group, JLL. This page is the New York, New York file for the 44-01 Northern Boulevard, Queens, NY, USA development site sold: pricing, party profiles, and other closed development site comps from the same New York sit in the Market section below. Filter that New York development site set by closing date to see what else sold near 44-01 Northern Boulevard, Queens, NY, USA around 2021. Published consideration for 44-01 Northern Boulevard, Queens, NY, USA is $39.8M, dated 2021. Cite this Silverstein Properties Acquires Development Site In Long Island City, Queens For $39.75M sale when underwriting similar development site product around New York, New York.

Players

Brendan Maddigan

JLL

Broker

$4.9B

vol

132 deals

Broker
Silverstein Properties
Silverstein PropertiesBrokerage
Silverstein Properties
Silverstein PropertiesBuyer

Bruce Bendell

Seller

$79.5M

vol

2 deals

Seller

New York Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Deal FAQ

About $132 per square foot on a published $39.8M for 300,000 square feet (2021).

Visit Ethan Stanton to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.40%

Cash-on-Cash

-0.11%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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