Meridian Capital Group Represents Butnick Family In $19M Sale Of Forest Hills Mixed-Use Property
108-50 71st Avenue
$19,000,000
$301/SF
Building Size
63,074 SF
Asset Type
Mixed-use
Closing
Jan 1, 2023
AI
The Butnick Family has sold a mixed-use elevator building located at 108-50 71st Avenue in Forest Hills, Queens. This transaction marks the first sale in over 50 years for this property. The building spans 63,074 square feet and was sold for a total price of $19,000,000. The sale price per square foot is $301.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $19,000,000
- Address: 108-50 71st Avenue, Forest Hills, Queens
- Market: Forest Hills, Queens
- Square Footage: 63,074
- Seller: Butnick Family
The transaction was facilitated by the Meridian Capital Group, with David Schechtman, Abie Kassin, Cary Pollack, and Lipa Lieberman representing the seller. Their expertise and negotiation skills played a crucial role in the successful sale of this property.
Players
Forest Hills, Queens Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93