Updated Dec 21, 2023
Gus Ioanis Acquires Industrial Property In Astoria For $2.4M
3533 31st Street, Queens, NY, USA
$2,400,000
$600/SF
Building Size
4,000 SF
Asset Type
Industrial
Closing
Dec 2, 2020
About this deal
AI
The industrial property located at 3533-3541 31st Street in Astoria has been sold in a recent transaction. The property is zoned as R5 and spans an area of 7,812 BSF (building square footage) with a lot size of 25 ft x 90 ft. The transaction took place on 12/03/2020.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $2,400,000
- Market: Astoria
The buyer of the property is Gus Ioanis, while the seller is Brett Morgan. The deal was facilitated by brokers Stephen R. Preuss from TeamPreuss and Andreas Efthymiou from Cushman & Wakefield.
The property was sold for a price of $2,400,000, resulting in a price per building square footage (PPBSF) of $307. The total square footage of the property is 4,000, leading to a price per square foot (PPSF) of $600. The previous sale of the property occurred in October 2004 for $702,431.
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
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93