AIG Refinances Industrial Property In Jackson Heights For $144.3M
85-01 24th Avenue, Queens, New York 11370, United States
$144,309,780
$1,218/SF
Building Size
118,430 SF
Asset Type
Industrial
Closing
Aug 4, 2022
AI
The industrial property located at 85-01 24th Avenue in Jackson Heights has recently undergone a refinancing transaction. The property spans a total of 118,430 square feet and is owned by GTJ REIT, with Paul A. Cooper acting as the landlord. The loan for this transaction was provided by AIG, with Michael Medvin representing the lender. The loan amount for this refinancing deal is $144,309,780.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $144,309,780
- Address: 85-01 24th Avenue
- Market: Jackson Heights
- Square Footage: 118,430
The involvement of Michael Medvin from AIG as the lender's representative and Paul A. Cooper as the landlord sheds light on the key individuals in this transaction. The refinancing of this industrial property signifies ongoing investment and financial activity in the Jackson Heights market.
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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93