Updated Oct 28, 2024
Wells Fargo Provides $36M Loan For Multifamily In Far Rockaway
14-50 Gateway Boulevard, Far Rockaway, NY, USA
$36,019,000
$106/SF
Building Size
337,658 SF
Asset Type
MultiFamily
Closing
Jul 29, 2021
About this deal
AI
The multifamily property located at 14-50 Gateway Boulevard, 15-02 Mott Avenue, and 14-30 Gateway Boulevard in Far Rockaway has undergone a closed transaction. The property spans a total area of 337,658 square feet and comprises 258 units.
Summary of Transaction Details:
- Property Type: Multifamily
- Loan Amount: $36,019,000
- Address: 14-50 Gateway Boulevard, 15-02 Mott Avenue & 14-30 Gateway Boulevard, Far Rockaway
- Market: Far Rockaway
- Landlord: Stephen Ross & Jeff Blau - Related Companies
- Lender: Wells Fargo
Stephen Ross and Jeff Blau, representing the Related Companies, have served as the landlords in this transaction. The loan for this multifamily property was provided by Wells Fargo.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93