Updated Nov 28, 2024
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
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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