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:
- Property Type: Office
- Transaction Amount: $155,000,000
- Address: 43-10 23rd St.
- Market: Long Island City
- Lender: Square Mile Capital - Craig Solomon
- Landlord: Longfellow Real Estate Partners - Adam Sichol
- Brokers: Gideon Gil & Lauren Kaufman - Cushman & Wakefield
- Loan Type: Acquisition loan
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
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