Updated Oct 19, 2026
Jon Kossar Sells Multifamily Asset At 23-50 Waters Edge Drive For $28.5M
23-50 Waters Edge Drive
$28,500,000
$237/SF
Building Size
120,000 SF
Asset Type
MultiFamily
Closing
Oct 8, 2026
About this deal
AI
The property asset involved in the transaction is a multi-family unit located at 23-50 Waters Edge Drive in the Bay Terrace neighborhood of Queens. The asset was sold for $28,500,000, encompassing a total of 120,000 square feet, resulting in a price per square foot of $237.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $28,500,000
- Address: 23-50 Waters Edge Drive
- Market: Bay Terrace, Queens
- Total Square Feet: 120,000
- Price per Square Foot: $237
- Seller: Jon Kossar
- Brokers: Shaun Riney, Sean Fopeano & David Cornejo - Marcus & Millichap
- Cap Rate: 5.5%
The transaction was executed by NYM Group, which exclusively represented the seller in the sale of their last remaining multifamily asset in New York City. Acknowledgment is given to the seller's counsel, Charles D. Golin, Esq.
On the Map
$28,500,000
$237/SF
MultiFamily
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Bayside MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93