Updated Nov 27, 2024
Blackstone Acquires Industrial Properties In Long Island City For $37.5M
31-30 Hunters Point Avenue, Long Island City, NY, USA
$37,500,000
$347/SF
Building Size
108,000 SF
Asset Type
Industrial
Closing
Jun 3, 2020
About this deal
AI
Located in Long Island City, the industrial property at 31-30 Hunters Point Ave, 31-35 Borden Ave, and 49-33 31st Place has been sold in a closed transaction. The property spans approximately 108,000 square feet and is situated in a bustling market.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $37,500,000
- Address: 31-30 Hunters Point Ave, 31-35 Borden Ave, 49-33 31st Place
- Market: Long Island City
The buyer of this property is Blackstone, a renowned real estate firm. The seller, on the other hand, is The Deutsch Family. The successful deal was facilitated by brokers Yehuda Goltche and Itan Rahmani from the Marksmen Group and VCPRE. Their dedication and expertise played a key role in finalizing the transaction.
It's worth noting that this deal was tracked by VCPRE for several years and eventually closed off-market at an attractive basis for Blackstone. Their commitment to their client base is evident in their ability to deliver favorable outcomes. If you have specific real estate needs, VCPRE is ready to go the extra mile to fulfill them.
On the Map
$37,500,000
$347/SF
Industrial
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Players
New York 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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93