Century Development Group Acquires Office Building In Long Island City For $5.2M
11-03 45th Avenue, Long Island City, NY, USA
$5,200,000
$281/SF
Building Size
18,500 SF
Asset Type
Office
Closing
Feb 18, 2021
AI
The office building located at 11-03 45th Avenue in Long Island City has been sold for $5,200,000. The property spans 18,500 square feet, resulting in a price per square foot of $281. The transaction took place on February 19, 2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $5,200,000
- Address: 11-03 45th Avenue
- Market: Long Island City
- Buyer: Century Development Group - George Xu
- Seller: Michael Oks
- Square Footage: 18,500
- Price per Square Foot: $281
The buyer in this transaction was Century Development Group, represented by George Xu. The seller was Michael Oks.
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.05%
Cash-on-Cash
-0.87%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93