Ashkenazy Acquisition Refinances Mixed-Use Building In Elmhurst, Queens With $6.2M Loan From M&T Bank
89-01 Queens Boulevard
$6,223,317
$608/SF
Building Size
10,220 SF
Asset Type
Mixed-use
Closing
Oct 6, 2023
AI
Ashkenazy Acquisition, represented by New Ba Property LLC, has entered into a $6.2 million refinance loan with M&T Bank, specifically Manufacturers And Traders Trust Company, for the mixed-use building located at 89-01 Queens Boulevard in Elmhurst, Queens. The property is a mixed-use building with a total buildable square footage (BSF) of 30,598 and a total square footage (SF) of 10,220.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $6,223,317
- Address: 89-01 Queens Boulevard, Elmhurst, Queens
- Market: Elmhurst, Queens
- BSF: 30,598
- SF: 10,220
- Lender: Michael Razman - M&T Bank
- Landlord: Ben Ashkenazy - Ashkenazy Acquisition
The loan, which is a refinance loan, was provided by M&T Bank, with Michael Razman as the lender. The landlord, Ben Ashkenazy, represents Ashkenazy Acquisition. The transaction involves a mixed-use building located at 89-01 Queens Boulevard in Elmhurst, Queens.
Players
Elmhurst 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
2.55%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93