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89-01 Queens Boulevard

Ashkenazy Acquisition Refinances Mixed-Use Building In Elmhurst, Queens With $6.2M Loan From M&T Bank
FINANCEDMixed-use

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

M&T Bank
M&T BankLender

Ben Ashkenazy

Ashkenazy Acquisition

Landlord

$721.3M

vol

16 deals

Landlord

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