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Blackstone Acquires Industrial Properties In Long Island City For $37.5M

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SOLD
$37,500,000
Yehuda Goltche

New York

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Industrial108,000 SF
Sold 06/03/2020
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Property Image
SOLD

Blackstone Acquires Industrial Properties In Long Island City For $37.5M

31-30 Hunters Point Avenue, Long Island City, NY, USA

See Similar Deals
Industrial108,000 SF
Sold 06/03/2020
Yehuda Goltche
Contact now

Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$347
Total Square Footage:108,000 SF
Transaction Type:Sale

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.

Players

Itanel (Itan) Rahmani
29 deals$481.9M volume
BROKER

Yehuda Goltche
FlowerRe
7 deals$223.8M volume(646) 421-0540
BROKER

Yehuda Goltche
FlowerRe
7 deals$223.8M volume(646) 421-0540
BROKER

Blackstone
BUYER


Details

SOLD
IMAGE: Kenneth Caplan, Yehuda Goltche, Stephen A. Schwarzman, Itan Rahmani, Jonathan Gray & Kathleen McCarthy DATE: 06/03/2021 ADDRESS: 31-30 Hunters Point Ave, 31-35 Borden Ave, 49-33 31st Place MARKET: Long Island City ASSET TYPE: Industrial BUYER: @Blackstone SELLER: The Deutsch Family BROKERS: Yehuda Goltche & Itan Rahmani @MarksmenGroup @VCPRE SALE PRICE: $37,500,000 SF: 108,000 ~ PPSF: $347 NOTE FROM @VCPRE: After being marketed in the low $50M range several years ago, @VCPRE tracked the deal and was able deliver it at an attractive basis for Blackstone off-market. We stay on our deals and are loyal to our client base, Please let us know if you have any specific needs we can go hunt for!

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

$1,999,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$133,229.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$177,769.13
Annual Debt Service$2,133,229.58