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11835 Queens BLVD, Queens, ...

Updated Oct 29, 2024

Plaza College Leases 21k SF Office Space In Forest Hills For 15 Years
LEASEDOffice

Plaza College Leases 21k SF Office Space In Forest Hills For 15 Years

11835 Queens BLVD, Queens, NY, 113...

Building Size

21,000 SF

Asset Type

Office

Closing

Jun 14, 2016

About this deal

AI

Located at 118-35 Queens Blvd in Forest Hills, this office asset spans 21,000 square feet. The tenant, Plaza College, secured a 15-year lease at the property, with an asking rent of $38/SF. The landlord, Muss Development, facilitated the deal, with CBRE's Roy Chipkin representing Plaza College.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Tenant: Plaza College
  • Tenant's Rep: Roy Chipkin (CBRE)
  • Landlord: Muss Development
  • Square Feet: 21,000
  • Market: Forest Hills

Sholom & Zuckerbrot Realty's Gail Roseman represented another tenant, the Child Center of New York, in a separate 12-year lease deal for 22,000 square feet at the same property. JLL's William Korchak and Kyle Crennan represented Muss Development in both transactions.

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Players

Roy Chipkin

CBRE

Broker

4 deals

Broker
Muss Development
Muss DevelopmentLandlord
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Forest Hills Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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