Updated Nov 27, 2024
Blackstone Group Acquires Industrial Property In East Elmhurst, Queens For $55.5M
8315 24th Avenue, East Elmhurst, NY 11370, USA
$55,500,000
$478/SF
Building Size
116,000 SF
Asset Type
Industrial
Closing
Feb 12, 2019
About this deal
AI
An industrial property located at 83-15 24th Ave. in East Elmhurst, Queens has been sold for $55.5 million. The property spans 116,000 square feet, resulting in a price per square foot of $478. The transaction took place on February 13, 2019.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $55.5 million
- Address: 83-15 24th Ave.
- Market: East Elmhurst, Queens
- Square Footage: 116,000
- Price per Square Foot: $478
The buyer of the property was Blackstone Group, while the seller was Steel Equities. The sale was facilitated by HFF, with Tyler Peck, Mike Tepedino, Andrew Scandalios, and David Giancola representing the parties involved.
On the Map
$55,500,000
$478/SF
Industrial
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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
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93