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141 85th Road, Queens, New ...

Steven Kordvani Acquires Multifamily Property In Briarwood, Queens For $6.65M
SOLDMultiFamily

Steven Kordvani Acquires Multifamily Property In Briarwood, Queens For $6.65M

141 85th Road, Queens, New York 11435, United States

$6,650,000

$252/SF

Building Size

26,380 SF

Asset Type

MultiFamily

Closing

Mar 20, 2022

AI

The multifamily property located at 141-13, 15, 21, and 23 85th Rd. in Briarwood, Queens has been sold for a total price of $6,650,000. The transaction took place on 03/21/2022.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $6,650,000
  • Units: 32
  • Price per Unit (PPU): $207,812
  • Square Feet (SF): 26,380
  • Price per Square Foot (PPSF): $252
  • Market: Briarwood, Queens

Steven Kordvani was the buyer in this transaction, while Karim Moallemi served as the seller. The deal was facilitated by Brad Rutkin and Thomas Donovan of B6 Real Estate Advisors, who represented the buyer and seller, respectively.

Players

Thomas Donovan

Meridian Capital Group

Broker

$730.7M

vol

51 deals

Broker

Steven Kordvani

Buyer

$31.5M

vol

4 deals

Buyer

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.39%

Cash-on-Cash

-0.68%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93