Howard Herskovich Acquires Multifamily Portfolio In Far Rockaway, Queens For $25M
22-88 Mott Avenue, Far Rockaway, Queens, NY, USA
$25,000,000
$246/SF
Building Size
101,512 SF
Asset Type
MultiFamily
Closing
Dec 15, 2020
AI
A multifamily property located at 22-88 Mott Avenue, 18-15 Everdell Avenue, 11-27 Nameoke Street, 11-36 & 11-38 McBride Street in Far Rockaway, Queens has been sold for a total of $25,000,000. The property consists of 115 residential units and spans a total area of 101,512 square feet. The price per unit is approximately $217,000, and the price per square foot is $246. The transaction took place on December 16, 2020, with Howard Herskovich as the buyer and Gershon Eichorn as the seller.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $25,000,000
- Units: 115 (RS) ~ PPU: $217,000
- SF: 101,512 ~ PPSF: $246
Lev Mavashev of Alpha Realty NY, represented the buyer, Howard Herskovich, in this transaction.
Players
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
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93