Jonathan Yormak Acquires Industrial Property In Long Island City For $41.7M
SOLD
$41,700,000
New York
See Similar DealsIndustrial126,533 SF
Sold 01/18/2022
SOLD
Jonathan Yormak Acquires Industrial Property In Long Island City For $41.7M
15 50th Avenue
See Similar DealsIndustrial126,533 SF
Sold 01/18/2022
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$329
Total Square Footage:126,533 SF
Transaction Type:Sale
An industrial property located at 48-02 48 Avenue & 48-15 50 Avenue in Long Island City, Queens, was sold on January 18, 2022. The property is zoned as M1-2 and spans a total of 126,533 square feet. The transaction was completed at a price of $41,700,000, resulting in a price per square foot of $329. The property has a lot size of 96,625 with dimensions of 457 feet by 253 feet.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $41,700,000
- Market: Long Island City, Queens
- Zoning: M1-2
- Square footage: 126,533
- Price per square foot: $329
- Lot Size: 96,625
- Lot Dimensions: 457 ft x 253 ft
The buyer of the property is Jonathon Yormak, while the seller is Peter Gaslow.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,224,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$148,151.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$197,679.27
Annual Debt Service$2,372,151.29
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