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
$81,000,000
$600/SF
Building Size
135,000 SF
Asset Type
Office
Closing
Nov 28, 2020
AI
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
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93