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Community Facility Sold In Little Neck Queens For $3.8M With Brokers Michael Tortorici Alexander Taic Brett Baker

Property Image
SOLD
$3,800,000

New York

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MultiFamily10,770 SF
Sold 12/09/2024
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Property Image
SOLD

Community Facility Sold In Little Neck Queens For $3.8M With Brokers Michael Tortorici Alexander Taic Brett Baker

47-14 Glenwood Street

See Similar Deals
MultiFamily10,770 SF
Sold 12/09/2024
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$352
Total Square Footage:10,770 SF
Transaction Type:Sale

The asset involved in this transaction is a community facility located at 47-14 Glenwood Street in Little Neck, Queens. The property was sold for a total price of $3,800,000, covering a total square footage of 10,770, which results in a price per square foot of approximately $352.

Summary of transaction details:

  • Property Type: Community Facility
  • Transaction Amount: $3,800,000
  • Square Footage: 10,770
  • Price per Square Foot: $352
  • Address: 47-14 Glenwood Street
  • Market: Little Neck, Queens

The deal involved brokers Michael Tortorici and Alexander Taic from Ariel Property Advisors, as well as Brett Baker from NextStopNY Real Estate. It was noted that strong interest in the property led to its value being driven nearly 10% over the asking price.

Players

Alexander Taic
20 deals$119.2M volume
BROKER

Michael A. Tortorici
Ariel Property Advisors
48 deals$908.9M volume
BROKER

Brett Baker
NextStopNY Real Estate
1 deal$3.8M volume(917) 696-0973
BROKER

Details

SOLD
IMAGE: Michael Tortorici, Alexander Taic & Brett Baker DATE: 12/09/2024 ADDRESS: 47-14 Glenwood Street MARKET: Little Neck, Queens ASSET TYPE: Community Facility BROKERS: Michael Tortorici, Alexander Taic - Ariel Property Advisors (@ArielPA.NYC) & Brett Baker - NextStopNY Real Estate SALE PRICE: $3,800,000 SF: 10,770 ~ PPSF: $352 NOTE FROM BROKER: Strong interest in the property drove the value nearly 10% over the asking price.

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

$202,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$13,500.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,013.94
Annual Debt Service$216,167.26