Updated Oct 29, 2024
Morgan Stanley Provides $215M Loan For Multifamily Property In Long Island
42-12 28th St, Long Island City, Queens, Long Island City, NY, USA
$215,000,000
$537/SF
Building Size
400,000 SF
Asset Type
MultiFamily
Closing
Mar 13, 2019
About this deal
AI
The multifamily property at 42-12 28th St in Queens, Long Island, has been involved in a closed transaction. The property, owned by Heatherwood Luxury, has a size of 400K square feet. The transaction, which took place on March 14, 2019, involved a loan amount of $215M from Morgan Stanley.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $215M
- Address: 42-12 28th St, Queens, Long Island
- Market: Long Island
- Lender: Morgan Stanley
- Landlord: Heatherwood Luxury
- Brokers: Jonathan Schwartz & Aaron Appel from JLL NY Capital Markets
- Loan Terms: 10 years
- Square Footage: 400K
The deal was facilitated with the assistance of Jonathan Schwartz and Aaron Appel from JLL NY Capital Markets, who represented Heatherwood Luxury. This transaction marks a significant development in the Long Island real estate market.
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93