Updated Dec 21, 2023
Angelo Russo Acquires Multifamily Property In Elmhurst, Queens For $3.6M
41-05 94th Street, Elmhurst, NY, 11373, USA
$3,600,000
$249/SF
Building Size
14,440 SF
Asset Type
MultiFamily
Closing
Nov 23, 2021
About this deal
AI
A 4-story corner walk-up apartment building in Elmhurst, Queens has been sold for $3,600,000. The property, located at 41-05 94th Street, is a multifamily asset with a total area of 14,440 square feet. It consists of 19 residential units and also includes an income-producing T Mobile cell antenna. The sale price equates to a per square foot value of $249.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,600,000
- Market: Elmhurst, Queens
- Address: 41-05 94th Street
- Asset Type: Multifamily
- Zoning: R4
The buyer of the property is Angelo Russo, while Sebastian Manciameli is the seller. The transaction was facilitated by Rolfe Haas from BesenPartners. With a total of 19 residential units, the property achieves a price per unit of $189,473. Additionally, the gross rent multiplier (GRM) for the transaction is 11.0x, and the capitalization rate (CAP) is 5.2%.
For further details or a complimentary valuation, interested parties may reach out to Rolfe Haas at 646 905-5602 or [email protected].
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
4.41%
Cash-on-Cash
-1.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93