Updated Oct 29, 2024
Prologis Acquires Development Site In Queens For $265M From SunCap Property Group
4606 57th Ave, Maspeth, NY 11378, USA
$265,000,000
$272/SF
Building Size
973,000 SF
Asset Type
Development Site
Closing
Jan 24, 2018
About this deal
AI
The development site at 46-06 57th Avenue in New York City's Queens neighborhood has been sold in a closed transaction. The property, owned by SunCap Property Group and represented by CEO Flint McNaughton, has been acquired by Prologis, a leading industrial real estate company. The transaction was facilitated by Adam Spies and Doug Harmon of Cushwake.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $265,000,000
- Building Square Footage: 973,000 sf
- Price per Square Foot: $272
- Address: 46-06 57th Avenue, New York
- Market: Queens
The deal, which closed on 01/25/18, involved the purchase of the development site by Prologis. The property spans an area of 973,000 square feet and was sold for a total of $265,000,000. The price per square foot for the property was $272, highlighting the value of the transaction. SunCap Property Group, represented by CEO Flint McNaughton, served as the seller in this transaction. Adam Spies and Doug Harmon of Cushwake played a key role in facilitating the deal.
Players
Maspeth Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93