Updated Oct 29, 2024
LBA Realty Acquires Flushing Dev. Site For $72M
56-19 Grand Ave, Flushing, NY 11378, USA
Building Size
3,850,000 SF
Asset Type
Development Site
Closing
Feb 25, 2018
About this deal
AI
The property involved in this closed transaction is a development site located at 54-15, 55-15, and 56-19 Grand Avenue in Flushing, New York. The site has a zoning designation of Manufacturing and spans a total of 385,000 square feet. The total buildable square footage is 833,129, with a price per buildable square foot of $93.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $72,000,000
- Existing Square Footage: 385,000
- Total Buildable Square Footage: 833,129
- Price per Buildable Square Foot: $93
- Market: Flushing, New York
The seller of this property was Cascades Containerboard Packaging, represented by Charles Malo, and Star Corrugated Box Co. The buyer of the site was LBA Realty, represented by David Thomas.
Players
Maspeth Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93