Black Spruce Management Acquires Multifamily Property In Briarwood For $87.2M
SOLD
$87,200,000
New York
See Similar DealsMultiFamily398,581 SF
Sold 12/28/2021
SOLD
Black Spruce Management Acquires Multifamily Property In Briarwood For $87.2M
10 135th Street, Queens, New York 11435, United States
See Similar DealsMultiFamily398,581 SF
Sold 12/28/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$218
Total Square Footage:398,581 SF
Transaction Type:Sale
The multifamily property located at 80-08 & 81-10 135th Street in Briarwood has been sold for a total price of $87,200,000. The property, with an address spanning across the two parcels, boasts a total building square footage (BSF) of 344,964, resulting in a price per BSF (PPBSF) of $252. The total lot size of the property is 55,600 square feet, with dimensions measuring 200 feet by 278 feet.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $87,200,000
- Address: 80-08 & 81-10 135th Street, Briarwood
- Market: Briarwood
- Zoning: R6A
- Buyer: Black Spruce Management - Josh Gotlib
- Seller: The Musso Group
- Broker: Thomas Donovan - B6 Real Estate Advisors
- BSF: 344,964
- PPBSF: $252
- SF: 398,581
- PPSF: $218
- Units: 383
- PPU: $227,676
- FAR: 4.21
- Tax Class: 2
- Last Sale Price: $28,000,000 (10/7/2009)
The buyer, Black Spruce Management led by Josh Gotlib, successfully acquired the property from the seller, The Musso Group. Facilitating the transaction was Thomas Donovan from B6 Real Estate Advisors, serving as the broker for the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,650,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$309,803.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$413,372.49
Annual Debt Service$4,960,469.85
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