Updated Dec 4, 2024
Affinius Capital Acquires Multifamily Property In Queens For $700M
29-59 Northern Boulevard
$700,000,000
$1,116/SF
Building Size
626,843 SF
Asset Type
MultiFamily
Closing
Jun 7, 2024
About this deal
AI
The multifamily property located at 29-59 Northern Boulevard in Queens was sold in a transaction between Affinius Capital as the buyer and The Durst Organization as the seller. The property consists of 958 units, totaling 626,843 square feet. The sale price for this asset was $700,000,000, equating to a price per unit of $730,689 and a price per square foot of $1,117.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $700,000,000
- Units: 958
- SF: 626,843
- PPU: $730,689
- PPSF: $1,117
- Address: 29-59 Northern Boulevard
- Market: Queens
The deal was facilitated by the brokerage team at Newmark, consisting of Adam Spies, Douglas Harmon, Adam Doneger, and Monica Brendsel. These brokers played a key role in connecting the buyer and seller for this significant transaction in the Queens market.
On the Map
$700,000,000
$1,116/SF
MultiFamily
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Long Island City 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
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93