Updated Sep 5, 2024
Vic Peng Acquires Queens Industrial & Development Portfolio For $51M
134-07 Northern Boulevard (Portfolio - See Notes For Details)
$51,000,000
$767/SF
Building Size
66,426 SF
Asset Type
Industrial
Closing
Mar 17, 2023
About this deal
AI
The Queens Industrial & Development Portfolio has been sold in a transaction worth $51,000,000. The portfolio consists of multiple properties located at 134-07 Northern Boulevard, 133-16 35th Avenue, 134-65/69 Collins Place, and 132-56/60 34th Avenue in New York City. The total square footage of the portfolio is 66,426, with an average price per square foot of $768. The sale represents a capitalization rate of 2.11%.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $51,000,000
- Address: 134-07 Northern Boulevard, 133-16 35th Avenue, 134-65/69 Collins Place, 132-56/60 34th Avenue
- Market: New York City
Vic Peng has acquired the Queens Industrial & Development Portfolio from the Mannheimer Family. The transaction was facilitated by brokers Stephen R. Preuss Sr. and Kevin Louie from Ripco Real Estate.
Players
Market Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93