Vima Property Group Acquires Multifamily Asset From Dionisiou Family For $7.65M In Long Island City
SOLD
$7,650,000
+ 1
New York
See Similar DealsMultiFamily38,675 SF
Sold 07/31/2025
SOLD
Vima Property Group Acquires Multifamily Asset From Dionisiou Family For $7.65M In Long Island City
11 58 49th Avenue & 49 02 21st Street
See Similar DealsMultiFamily38,675 SF
Sold 07/31/2025
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$197
Total Square Footage:38,675 SF
Transaction Type:Sale
This multifamily property, located at 11-58 49th Avenue & 49-02 21st Street in the Long Island City & Astoria market, has a sale price of $7,650,000. The asset encompasses a total square footage of 18,050, resulting in a price per square foot of $423.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,650,000
- Buyer: Vima Property Group
- Seller: Dionisiou Family
- Buyer’s Representative: Paul Youssef - FTS Capital
- Seller’s Representatives: Shaun Riney, Sean Fopeano & David Cornejo - Marcus & Millichap
The transaction involved notable representatives from both parties, with Paul Youssef representing Vima Property Group and Shaun Riney, Sean Fopeano, and David Cornejo representing the Dionisiou Family. This collaboration reflects the established presence of Marcus & Millichap in the market and the strategic acquisition approach by FTS Capital.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$408,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$27,178.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,264.90
Annual Debt Service$435,178.83
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