Isaac Turkieh Acquires Best Western Hotel In Corona For $4.25M
112-26 Roosevelt Ave, Corona, NY 11368, USA
$4,250,000
$109/SF
Building Size
38,798 SF
Asset Type
Mixed-use
Closing
Jul 13, 2020
About this deal
AI
The Best Western Hotel located at 112-26 Roosevelt Avenue in Corona, LaGuardia Airport has been sold for a price of $4,250,000. The mixed-use property spans across 38,798 square feet, resulting in a price per square foot of $109.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $4,250,000
- Address: 112-26 Roosevelt Avenue
- Market: Corona, LaGuardia Airport
- Square Footage: 38,798
- Price per Square Foot: $109
The seller of the property was Shahen Guiragossian, while the buyer was Isaac Turkieh. The deal was facilitated by Charles Chang of Highcap Group. It is worth noting that the Best Western Hotel comes with a 90-key capacity and has a triple-net lease in place for another 47 years.
On the Map
$4,250,000
$109/SF
Mixed-use
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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
3.73%
Cash-on-Cash
-1.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93