Kesten Family Acquires Industrial Site In Long Island City For $11.3M
31-31 48th Avenue
$11,335,000
$0/SF
Building Size
29,250,000 SF
Asset Type
Industrial
Closing
Jan 5, 2024
AI
A unique site in Long Island City has been sold for a transaction amount of $11,335,000. The property is an industrial asset with a total square footage of 29,250. It is located at 31-31 48th Avenue in the sought-after market of Long Island City.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $11,335,000
- Square Footage: 29,250
- Address: 31-31 48th Avenue
- Market: Long Island City
The buyer in this transaction is the Kesten Family, while the seller is the Perno Family. Acting as brokers for this deal are David Junik, James Ege, James Tack, and Paul Bralower, representing Pinnacle Realty of New York.
Pinnacle Realty of New York is thrilled to announce this sale, highlighting the flexibility it offers to the new owner. The property can be both occupied and leased out, positioning it advantageously in one of the most sought-after locations in the city. For those interested in a free market value analysis for their own property, David Junik from Pinnacle Realty can be reached at [email protected].
Players
Long Island City 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
1.40%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93