Steven Kordvani Acquires Multifamily Property In Briarwood, Queens For $6.65M
SOLD
$6,650,000
New York
See Similar DealsMultiFamily26,380 SF
Sold 03/21/2022
SOLD
Steven Kordvani Acquires Multifamily Property In Briarwood, Queens For $6.65M
141 85th Road, Queens, New York 11435, United States
See Similar DealsMultiFamily26,380 SF
Sold 03/21/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$252
Total Square Footage:26,380 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$354,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,626.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,524.39
Annual Debt Service$378,292.71
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