Itay Gamlieli Acquires Mixed-Use Property In Ridgewood, Queens For $2M
56-11 Catalpa Avenue
$2,000,000
$315/SF
Building Size
6,340 SF
Asset Type
Mixed-use
Closing
Oct 30, 2023
About this deal
AI
Located at 56-11 Catalpa Avenue in Ridgewood, Queens, this mixed-use property recently underwent a sale transaction. The property consists of a 100% occupied building with one ground floor retail unit, one office space, and two apartments. The total square footage of the property is 6,340, and it was sold for a price of $2,000,000 at a rate of $315 per square foot. The buyer of the property is Itay Gamlieli, while Sandy Axelrad is the seller.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $2,000,000
- Address: 56-11 Catalpa Avenue, Ridgewood, Queens
- Market: Ridgewood, Queens
- Buyer: Itay Gamlieli
- Seller: Sandy Axelrad
- Brokers: Scott Plasky & William Stephan - Marcus & Millichap
- Square Footage: 6,340
- Price Per Square Foot: $315
The deal was facilitated by Scott Plasky and William Stephan from Marcus & Millichap, who represented the buyer and seller in the transaction.
On the Map
$2,000,000
$315/SF
Mixed-use
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Players
Ridgewood 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
7.93%
Cash-on-Cash
-2.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93