Drake Street Partners Acquires Property In Long Island City For $39.1 Million
SOLD
$39,100,000
+ 2
New York
See Similar DealsIndustrial135,000 SF
Sold 02/07/2018
SOLD
Drake Street Partners Acquires Property In Long Island City For $39.1 Million
2511 49th Ave, New York, NY, 11101
See Similar DealsIndustrial135,000 SF
Sold 02/07/2018
+ 2
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$289
Total Square Footage:135,000 SF
Transaction Type:Sale
The property asset involved in this transaction is a low-rise industrial building located at 2511 49th Ave, New York, NY, in the Long Island City market. The purchase price was $39,100,000.00, and the property spans a total of 135,000 square feet. The developers plan to convert and expand this vacant two-story property into an 11-story building with a total of 238,000 square feet.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $39,100,000.00
- Address: 2511 49th Ave, New York, NY, 11101
- Market: Long Island City
- Buyer's Representative: Joshua (Josh) King, Adam Doneger (Newmark)
- Seller's Representative: Joseph Soufeh (Venture Capital Properties)
- Borrower's Representative: Aaron Niedermayer (JLL)
- Broker: Adam Spies (Newmark)
- Buyer: Drake Street Partners
- Seller: Not specified
- Total Square Footage: 135,000
- Planned Completion: Summer 2019
The deal took 17 months to finalize, during which the developers arranged a mortgage from Deutsche Bank to facilitate the purchase and fund the subsequent project. Alongside Stuart Milstein's Drake Street Partners, the developers teamed up with another unidentified investor for the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,085,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$138,914.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$185,353.95
Annual Debt Service$2,224,247.37
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