Metropolitan Realty Associates And Morgan Stanley Real Estate Acquire Long Island City Industrial Property For $105.5M
SOLD
$105,500,000
New York
See Similar DealsIndustrial220,000 SF
Sold 06/07/2022
SOLD
Metropolitan Realty Associates And Morgan Stanley Real Estate Acquire Long Island City Industrial Property For $105.5M
27-11 49th Avenue, Queens, New York 11101, United States
See Similar DealsIndustrial220,000 SF
Sold 06/07/2022
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$479
Total Square Footage:220,000 SF
Transaction Type:Sale
An industrial property located at 27-11 49th Avenue in Long Island City has been sold for a transaction amount of $105,500,000. The property spans 220,000 square feet, resulting in a price per square foot of $479. The sale took place on 06/07/2022.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $105,500,000
- Address: 27-11 49th Avenue, Long Island City
- Market: Long Island City
The buyer of the property is Metropolitan Realty Associates, represented by Joseph Farkas, along with Morgan Stanley Real Estate, represented by Michael Givner. The seller is Traub Capital, represented by Brian Crosby and Mana Products. The seller's representatives in the deal are Doug Middleton and Will Pike from CBRE.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,626,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$374,819.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$500,123.82
Annual Debt Service$6,001,485.88
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