Updated Oct 29, 2024
AIG Provides $110M Construction Loan For Industrial Property In Long Island City
23-02 42nd Road, Queens, New York 11105, United States
$110,000,000
$36,666,666/SF
Building Size
3 SF
Asset Type
Industrial
Closing
Jun 3, 2023
About this deal
AI
The industrial property located at 23-02 42nd Road in Long Island City, Queens, was involved in a recent closed transaction. The property has a total square footage of 3,000 and a building square footage of 153,596. The asset type is designated as industrial, indicating its purpose and function within the market.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $110,000,000
- Date: 03/06/2023
- Lender: AIG
- Landlord: Werwaiss Properties - John A. W. Werwaiss
In this transaction, AIG served as the lender, providing a loan of $110,000,000. The loan type was designated as construction, indicating that the funds were intended for the purpose of financing the construction of the industrial property.
Players
Long Island City Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93