Updated Oct 29, 2024
JMH Development & Mettle Property Group Acquires Multifamily Property In Long Island City For $56M
36-20 Steinway St, Long Island City, Queens, NY, USA
$5,600,000
$39/SF
Building Size
143,000 SF
Asset Type
MultiFamily
Closing
May 9, 2019
About this deal
AI
Located at 36-20 Steinway St in Long Island City, Queens, this multifamily property recently underwent a closed transaction. The property consists of 143 units and was involved in a deal that took place on 05/10/2019.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $56,00,000
- Lender: Slate Property Group represented by Scale Lending
- Landlord: JMH Development & Mettle Property Group
- Brokers: NewmarkKF represented by Jordan Roeschlaub, Dustin Stolly, Daniel Fromm & Josh Egert
The loan for this transaction was provided by Slate Property Group, represented by Scale Lending. The property's landlords are JMH Development & Mettle Property Group. The deal was facilitated by brokers from NewmarkKF, namely Jordan Roeschlaub, Dustin Stolly, Daniel Fromm & Josh Egert.
Players
Long Island City 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
2.83%
Cash-on-Cash
-0.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93