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Howard Herskovich Acquires Multifamily Portfolio In Far Rockaway, Queens For $25M

Property Image
SOLD
$25,000,000
Lev Mavashev
GE

New York

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MultiFamily101,512 SF
Sold 12/16/2020
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Property Image
SOLD

Howard Herskovich Acquires Multifamily Portfolio In Far Rockaway, Queens For $25M

22-88 Mott Avenue, Far Rockaway, Queens, NY, USA

See Similar Deals
MultiFamily101,512 SF
Sold 12/16/2020
Lev Mavashev
GE
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$246
Total Square Footage:101,512 SF
Transaction Type:Sale

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

Lev Mavashev
Alpha Realty
Lev Mavashev
105 deals$704M volume(212) 658-0955
BROKER
GE
Gershon Eichorn
7 deals$49.4M volume
SELLER
GE
Gershon Eichorn
7 deals$49.4M volume
SELLER
GE
Gershon Eichorn
7 deals$49.4M volume
SELLER

Details

SOLD
IMAGE: Lev Mavashev DATE: 12/16/2020 ADDRESS: 22-88 Mott Avenue, 18-15 Everdell Avenue, 11-27 Nameoke Street, 11-36 & 11-38 McBride Street MARKET: Far Rockaway, Queens ASSET TYPE: Multifamily BUYER: Howard Herskovich SELLER: Gershon Eichorn BROKER: @Lev_Mavashev - @Alpha_Realty_NY PRICE: $25,000,000 UNITS: 115 (RS) ~ PPU: $217,000 SF: 101,512 ~ PPSF: $246 CAP: 6.8% VOICEOVER: @Lev_Mavashev @Alpha_Realty_NY

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,333,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$88,819.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$118,512.75
Annual Debt Service$1,422,153.05