Updated Mar 27, 2025
Leah Chen Acquires Industrial Asset From Sidney Mandel In Long Island City For $2.25M
38 03 24th Street
$2,250,000
$450/SF
Building Size
5,000 SF
Asset Type
Industrial
Closing
Mar 6, 2025
About this deal
AI
The asset involved in this transaction is an industrial property located at 38 03 24th Street in Long Island City. The property was sold for $2,250,000.00 and has a total square footage of 5000.0.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $2,250,000.00
- Address: 38 03 24th Street
- Market: Long Island City
- Buyer: Leah Chen
- Seller: Sidney Mandel
Leah Chen acted as the buyer in the transaction, while Sidney Mandel served as the seller. For further information about Western Queens real estate, contact Modern Spaces, which is currently marketing over $200 million in commercial and investment property.
On the Map
$2,250,000
$450/SF
Industrial
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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
7.05%
Cash-on-Cash
-2.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93