Updated Sep 9, 2024
S3 Capital Partners Provides $26M Loan For Development Site In Astoria, Queens
30-7 Vernon Blvd, Astoria, NY 11102, USA
$26,000,000
$29/SF
Building Size
888,510 SF
Asset Type
MultiFamily
Closing
Jan 7, 2020
About this deal
AI
Located at 3007 Vernon Boulevard in Astoria, Queens, this development site was recently involved in a closed transaction. The property consists of a 67-unit condo building with 3 retail spaces and 33 parking spots. The loan amount for this project was $26,000,000. The transaction also included the involvement of lenders S3 Capital Partners, represented by Robert Schwartz and Andrew Yakubovich, and landlords Fucai Wang, Christina Chang, and Jonathan Chang.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $26,000,000
- Address: 3007 Vernon Boulevard, Astoria, Queens
- Market: Astoria, Queens
Roberts Schwartz and Andrew Yakubovich from S3 Capital Partners played a crucial role as lenders in this deal, providing the $26,000,000 loan for the development of the condo building. Fucai Wang, Christina Chang, and Jonathan Chang, the landlords of the property, facilitated the transaction. Together, these key individuals and companies contributed to the success of this closed transaction.
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
0.61%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93