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Timothy McKenna Acquires Warehouse In Ditmars - Steinway, Queens For $14.4M

Property Image
SOLD
$14,400,000

New York

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Industrial23,000 SF
Sold 11/23/2021
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Property Image
SOLD

Timothy McKenna Acquires Warehouse In Ditmars - Steinway, Queens For $14.4M

19-19 37th Street, Ditmars Steinway, Queens, NY, USA

See Similar Deals
Industrial23,000 SF
Sold 11/23/2021
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Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$626
Total Square Footage:23,000 SF
Transaction Type:Sale

The property located at 19-19 37 Street in Ditmars - Steinway, Queens was sold on November 23, 2021. The property is classified as a warehouse and is under the M1-1 zoning. The transaction involved the buyer, Timothy McKenna, and the seller, Esther Weingarten.

Summary of transation details

  • Property Type: Warehouses
  • Transaction Amount: $14,400,000
  • Building Square Footage: 35,003
  • Price per Building Square Foot: $411
  • Lot Square Footage: 23,000
  • Price per Square Foot: $626
  • Floor Area Ratio (FAR): 0.66
  • Tax: 4
  • Lot Size: 35,003
  • Last Sale Price: $1 (6/24/2011)
  • Lot Dimensions: 175 ft x 200.02 ft

The deal did not involve any brokers representing the parties. The transaction signifies a significant investment in the warehouse property, demonstrating the value and potential of the Ditmars - Steinway market.

Players

6 deals$60.4M volume
BUYER

Details

SOLD
IMAGE: 11/23/2021 ADDRESS: 19-19 37 Street MARKET: Ditmars - Steinway,Queens ASSET TYPE: Warehouses ~ ZONING: M1-1 BUYER: Timothy McKenna SELLER: Esther Weingarten PRICE: $14,400,000 BSF: 35,003 ~ PPBSF: 411 SF: 23,000 ~ PPSF: $626 FAR: 0.66 TAX: 4 LOT SIZE: 35,003 LAST SALE PRICE: $1 (6/24/2011) Lot dimensions : 175 ft x 200.02 ft

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$768,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$51,160.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$68,263.35
Annual Debt Service$819,160.16