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Normandy Real Estate Partners And Keystone Equities Acquire Industrial Building In Long Island City For $39.1M

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FINANCED
$81,000,000
Jonathan Eshaghian
Jakub Nowak

New York

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Office135,000 SF
Financed
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Property Image
FINANCED

Normandy Real Estate Partners And Keystone Equities Acquire Industrial Building In Long Island City For $39.1M

25-11 49th Ave, Long Island City, NY 11101, USA

See Similar Deals
Office135,000 SF
Financed
Jonathan Eshaghian
Jakub Nowak
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$600
Total Square Footage:135000 SF
Transaction Type:Loan

The industrial building located at 25-11 49th Avenue in Long Island City, New York, has been sold in a closed transaction. The property, which has a total square footage of 135,000 square feet, underwent an office conversion. The sale price for the property was $39,100,000, resulting in a price per square foot of $222.

Summary of transaction details

  • Property Type: Industrial Building > Office Conversion
  • Transaction Amount: $39,100,000
  • Address: 25-11 49th Avenue, Long Island City, New York
  • Market: Long Island City

The property was purchased by Normandy Real Estate Partners, represented by Travis Feehan and Jonathan Zamir's Keystone Equities. The lender for the transaction was Deutsche Bank, represented by John Cryan. Dustin Stolly from Newmark Knight Frank served as the finance broker for the deal.

Players

Jonathan Eshaghian
Jonathan Eshaghian
18 deals$155.6M volume(917) 733-8879
BROKER
Jakub Nowak
Marcus & Millichap
Jakub Nowak
80 deals$432.5M volume
BROKER

Details

FINANCED
IMAGE: 25-11 49th Avenue CITY: New York MARKET: Long Island City ASSET TYPE: Industrial Building > Office Conversion LANDLORD: Normandy Real Estate Partners – Travis Feehan and Jonathan Zamir’s Keystone Equities LENDER: Deutsche Bank – John Cryan FINANCE BROKER: Newmark Knight Frank’s Dustin Stolly LOAN AMOUNT: $81M SALE PRICE: $39,100,000 SF: 135,000 sf PPSF: $222 […]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$81,000,000.00

Monthly NOI$540,000.00
Monthly Debt Service$511,975.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00