RockFarmer Properties And RWN Real Estate Partners Acquire Retail And Office Property In Jackson Heights For $55.9M
84-11 37th Ave, Flushing, NY 11372, USA & 84-11 37th Ave, Flushing, NY 11372, USA
$55,900,000
$302/SF
Building Size
56,580 SF
Asset Type
Mixed-use
Closing
Aug 2, 2018
About this deal
AI
The property located at 82-11 37th Avenue in Jackson Heights, New York has been sold for a total price of $55,900,000. This retail and office asset spans across 128,000 square feet, resulting in a price per square foot of $436.
Summary of transaction details
- Property Type: Retail and Office
- Transaction Amount: $55,900,000
- Address: 82-11 37th Avenue, New York
- Market: Jackson Heights
- Square Footage: 128,000
- Price Per Square Foot: $436
The seller of the property was Carlo Cinganelli, while the buyers were RockFarmer Properties and RWN Real Estate Partners. The deal was facilitated by David Krantz and Paul Leibowitz from Savills Studley, who represented RockFarmer Properties, and George Michelis, John Petras, and Ari Shalam from RWN, who represented RWN Real Estate Partners. This partnership between the buyers and their respective brokers played a crucial role in the successful completion of the transaction.
On the Map
$55,900,000
$302/SF
Mixed-use
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Players
New York 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
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93