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
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.
Players
Long Island City Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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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