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43-10 23rd Street, Long Isl...

Longfellow Real Estate Partners Secures $155M Acquisition Loan For Office Property In Long Island City. Lender: Square Mile Capital - Craig Solomon
FINANCEDOffice

Longfellow Real Estate Partners Secures $155M Acquisition Loan For Office Property In Long Island City. Lender: Square Mile Capital - Craig Solomon

43-10 23rd Street, Long Island City, NY 11101

$155,000,000

$775/SF

Building Size

200,000 SF

Asset Type

Office

Closing

Dec 21, 2021

AI

The property involved in this closed transaction is an office located at 43-10 23rd St., Long Island City. It has a total area of 200,000 square feet. The transaction took place on 12/21/2021.

Summary of transaction details:

The lender for this transaction was Square Mile Capital represented by Craig Solomon. The landlord involved in the deal was Longfellow Real Estate Partners, represented by Adam Sichol. The brokers facilitating the transaction were Gideon Gil and Lauren Kaufman from Cushman & Wakefield.

Players

Lauren Kaufman

JLL

Broker

$5.4B

vol

35 deals

Broker
Square Mile Capital
Square Mile CapitalLender
Adam Sichol

Adam Sichol

Longfellow Real Estate Partners

Landlord

$541.6M

vol

4 deals

Landlord

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

0.10%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93