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.
On the Map
$110,000,000
$36,666,666/SF
Industrial
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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