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38 03 24th Street

Leah Chen Acquires Industrial Asset From Sidney Mandel In Long Island City For $2.25M
SOLDIndustrial

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

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.

Players

Evan Daniel

Modern Spaces

Broker

$347.5M

vol

65 deals

Broker

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