Zara Realty Acquires Mixed-Use Property In Queens For $56.5M From Seller Treetop Development - Azi Mandel And Adam Mermelstein
94-26 56th Ave, Elmhurst, NY 11373, USA
Building Size
—
Asset Type
Mixed-use
Closing
Apr 11, 2018
About this deal
AI
The mixed-use property located at 94-26 56th Avenue in New York, Queens, has been sold for $56,500,000. The asset is a combination of residential and commercial spaces, offering a diverse range of uses. The transaction was facilitated by Azi Mandel and Adam Mermelstein, representing Treetop Development, as the sellers. The buyer, Zara Realty, acquired the property in this closed deal.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $56,500,000
- Address: 94-26 56th Avenue, New York, Queens
- Market: Queens
Aaron Jungreis from Rosewood Realty Group acted as the broker in this transaction, representing the seller. His expertise and knowledge in the market contributed to the successful completion of the deal.
On the Map
Mixed-use
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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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93