Updated Dec 4, 2024
Chetrit Group Secures $56M Loan For Industrial Property On Flushing Ave
57-18 Flushing Ave, Maspeth, NY, USA
$56,000,000
$95/SF
Building Size
588,390 SF
Asset Type
Industrial
Closing
Mar 22, 2021
About this deal
AI
Joseph Chetrit and Ralph Hamers have secured a loan for an industrial property located at 57-18 Flushing Ave in Maspeth. The property spans a total area of 588,390 square feet. The loan was provided by UBS Bank USA for an amount of $56,000,000. The landlord of the property is the Chetrit Group.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $56,000,000
- Address: 57-18 Flushing Ave
- Market: Maspeth
- Landlord: Chetrit Group
This loan transaction illustrates the active involvement of Joseph Chetrit and Ralph Hamers in the industrial property market. The loan was secured from UBS Bank USA, highlighting their financial acumen and strategic decision-making. The Chetrit Group, led by Joseph Chetrit, serves as the landlord of the property, further demonstrating their strong presence in the real estate industry.
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
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93