Provides $27M Construction Loan For Mixed-Use Development In Long Island City
23-17 41st Ave Queens, NY 11101, USA
$27,000,000
$735/SF
Building Size
36,714 SF
Asset Type
Mixed-use
Closing
Aug 31, 2023
About this deal
AI
A construction loan has been secured for a mixed-use and residential condominium property located at 23-17 41st Avenue in Long Island City, Queens. The property spans approximately 36,714 square feet.
Summary of transaction details:
- Property Type: Mixed-use & Residential Condominiums
- Transaction Amount: $27,000,000
- Address: 23-17 41st Avenue
- Market: Long Island City, Queens
The property is owned by Jasper Wu and Michael Wang, and the loan has been provided by , with Allan Lebovits and Louis Lebovits representing the lender. The brokers for the deal are Morris Betesh and Omar Ferreira from Meridian Capital Group.
On the Map
$27,000,000
$735/SF
Mixed-use
View full map
Players
Long Island City Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Deal FAQ
Visit Omar Ferreira to view all their deals.
Browse Long Island City mixed use loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93