Updated Dec 11, 2024
Chetrit Group Secures $50M Loan For Warehouse In Maspeth, Queens
57-18 Flushing Ave, Maspeth, NY 11378, USA
$40,000,000
$6/SF
Building Size
5,879,420 SF
Asset Type
Industrial
Closing
May 28, 2020
About this deal
AI
The property involved in this closed transaction is a warehouse located at 57-18 Flushing Avenue in Maspeth, Queens. The warehouse spans a total of 587,942 square feet and is zoned as M1-1. The loan amount for this transaction was $50,000,000.
Summary of transaction details
- Property Type: Warehouse
- Transaction Amount: $50,000,000
- Address: 57-18 Flushing Avenue
- Market: Maspeth, Queens
- Zoning: M1-1
The lender involved in this transaction was Maxim Capital Group, represented by Adam Glick. The landlord of the warehouse is the Chetrit Group.
Players
New York 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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93