Updated Sep 5, 2024
Carlos Vizcarra & Jihra Gavilanes Acquire Multifamily Property In Hunter's Point, Queens For $1.6M
45 11th Street, Queens, New York 11101, United States
$1,600,000
$636/SF
Building Size
2,515 SF
Asset Type
MultiFamily
Closing
Nov 1, 2022
About this deal
AI
A multifamily property located at 45-08 11th Street in Hunter's Point, Queens, has been sold for a total of $1,600,000. The property consists of two units with a total square footage of 2,515, resulting in a price per square foot of $636. The units were delivered vacant, and the building had additional air rights for potential redevelopment.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,600,000
- Address: 45-08 11th Street, Hunter's Point, Queens
- Market: Hunter's Point, Queens
- Units: 2
- Price per Unit (PPU): $800,000
- Square Footage (SF): 2,515
- Price per Square Foot (PPSF): $636
The buyers of the property are Carlos Vizcarra and Jihra Gavilanes, while the sellers are Ray Palermo and Karen Eggleson. The deal was facilitated by brokers Derek Bestreich, Steve Reynolds, Tom Reynolds, and Henry Hill from Investment Property Realty Group (IPRG).
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
9.91%
Cash-on-Cash
-2.83%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93