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
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.
Players
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