A&E Real Estate Purchases Queens Village Property For $130 Million With Jack Bick As Buyer's Rep
SOLD
$130,000,000
New York
See Similar DealsMultiFamily
SOLD
A&E Real Estate Purchases Queens Village Property For $130 Million With Jack Bick As Buyer's Rep
20609 86th Rd, Queens, NY, 11427
See Similar DealsMultiFamily
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Sale
A&E Real Estate has acquired Cunningham Heights located at 20609 86th Rd, Queens, NY, 11427 in the Queens Village market for $130,000,000.00. The property consists of 1,056 units across 22 buildings, originally built in 1951, and features 623 parking spaces across 25 onsite garages. At the time of sale, the property was 99 percent occupied and offers studio, one-, and two-bedroom units.
Summary of transaction details:
- Property Type: Apartment Community
- Transaction Amount: $130,000,000.00
- Address: 20609 86th Rd, Queens, NY, 11427
- Market: Queens Village
- Buyer: A&E Real Estate
- Seller: Undisclosed
- Buyer’s Representative: Jack Bick - S Charatan Realty
- Financing: Signature Bank
Jack Bick of S Charatan Realty represented both A&E Real Estate and the undisclosed seller in this transaction, highlighting the collaboration between the parties involved in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,933,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$461,862.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$616,266.32
Annual Debt Service$7,395,195.87
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