Treetop Development Acquires MultiFamily Property In Far Rockaway For $135M
SOLD
$135,000,000
New York
See Similar DealsMultiFamily
Sold 11/21/2017
SOLD
Treetop Development Acquires MultiFamily Property In Far Rockaway For $135M
711 Seagirt Ave, Queens, NY, 11691
See Similar DealsMultiFamily
Sold 11/21/2017
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Sale
The complex at 711 Seagirt Avenue in Queens, NY, 11691, known as the Sand Castle, consists of four interconnected properties with a total of 916 rental apartments and eight commercial units. Situated in Far Rockaway, the buildings are just two blocks away from the beach. The property was sold by E&M Associates to Treetop Development for $135,000,000.00 on 11/21/2017.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $135,000,000.00
- Market: Far Rockaway
- Buyer: Treetop Development
- Buyer's Rep: Steven Vegh()
- Seller: E&M Associates
Westwood Realty Associates' Steven Vegh represented both Treetop Development and E&M Associates in the transaction.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,200,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$479,626.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$639,968.87
Annual Debt Service$7,679,626.49
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