Jeff T. Blau's Related Companies Secures $24M Construction Loan For Long Island City Office Property
32-02 Queens Boulevard
$24,024,103
$73/SF
Building Size
327,763 SF
Asset Type
Office
Closing
Dec 8, 2022
About this deal
AI
Located at 32-02 Queens Blvd in Long Island City, the property involved in this closed transaction is an office building spanning approximately 327,763 square feet. The asset, owned by Related Companies and represented by Jeff T. Blau, showcases the prime real estate market in the area.
Summary of transation details
- Property Type: Office
- Transaction Amount: $24,024,103
- Address: 32-02 Queens Blvd.
- Market: Long Island City
- Landlord: Related Companies
- Landlord's Representative: Jeff T. Blau
In terms of financing, the construction loan for this property was secured from Citizens Bank. The loan type, specified as construction, indicates the purpose of the loan for future development or improvement of the office building. With this transaction, it demonstrates the investment and significant potential in Long Island City's real estate market.
Players
Long Island City 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
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93