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NYC School Construction Authority Acquires Mixed-Use Property In College Point, Queens For $36.9M

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SOLD
$36,900,000

New York

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Mixed-use68,400 SF
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NYC School Construction Authority Acquires Mixed-Use Property In College Point, Queens For $36.9M

14th Avenue

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Mixed-use68,400 SF
Sold
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$539
Total Square Footage:68400 SF
Transaction Type:Sale

The property asset involved in this transaction is a mixed-use building located at 123-15th 14th Avenue in College Point, Queens. It was sold for $36,900,000, encompassing a total area of 68,400 square feet, with a price per square foot of $539.

Summary of transaction details:

  • Property Type: Mixed-Use
  • Transaction Amount: $36,900,000
  • Address: 123-15th 14th Avenue
  • Market: College Point, Queens
  • Square Footage: 68,400
  • Price per Square Foot: $539
  • Buyer: NYC School Construction Authority
  • Seller: Sisters Of The Order Of St Dominic
  • Brokers: Daniel Kaplan, Justin Arzi, John Reinersten, Michael Lee, Tim Sheehan - CBRE

This transaction was represented by multiple brokers from CBRE, including Daniel Kaplan, Justin Arzi, John Reinersten, Michael Lee, and Tim Sheehan, highlighting the collaboration among professionals in the closing of this deal.

Players

Justin Arzi
38 deals$1.2B volume(212) 984-7142
BROKER

John Reinersten
CBRE
3 deals$74.4M volume
BROKER

Daniel (Dan) Kaplan
CBRE
55 deals$1.7B volume
BROKER

BUYER

Details

SOLD
IMAGE: Nina Kubota, Daniel Kaplan, John Reinersten & Justin Arzi DATE: 03/22/2023 ADDRESS: 123-15th 14th Avenue MARKET: College Point, Queens ASSET TYPE: Mixed-Use BUYER: NYC School Construction Authority SELLER: Sisters Of The Order Of St Dominic BROKERS: Daniel Kaplan (@DKap24), Justin Arzi (@Arzigram), John Reinersten, Michael Lee & Tim Sheehan - CBRE (@CBRE) SALE PRICE: $36,900,000 SF: 68,400 ~ PPSF: $539

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,968,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$131,097.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$174,924.83
Annual Debt Service$2,099,097.91