Long Island Power Authority Purchases Development Site From National Grid For $23M In Far Rockaway
SOLD
$23,000,000
+ 3
New York
See Similar DealsDevelopment Site583,702 SF
Sold
SOLD
Long Island Power Authority Purchases Development Site From National Grid For $23M In Far Rockaway
Mott Avenue
See Similar DealsDevelopment Site583,702 SF
Sold
+ 3
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$39
Total Square Footage:583702 SF
Transaction Type:Sale
The development site located at Mott Avenue and Bay 24th Street in Far Rockaway was sold for $23,000,000. The property spans a total area of 583,702 square feet, equating to a price per square foot of $39.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $23,000,000
- Buyer: Long Island Power Authority (LIPA)
- Seller: National Grid
- Brokers: Brendan Callahan, Ethan Stanton, Hall Oster, Tyler Peck, Michael Mazzara & Brendan Maddigan - JLL
The transaction involved key representatives from JLL who facilitated the deal, ensuring a smooth process between the Long Island Power Authority and National Grid, highlighting the expertise and coordination of the brokers involved in this significant transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,226,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$81,714.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,031.73
Annual Debt Service$1,308,380.81
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