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120-10 15th Avenue, Queens,...

Two Tone Contracting Acquires College Point Office Building For $3M
SOLDOffice

Two Tone Contracting Acquires College Point Office Building For $3M

120-10 15th Avenue, Queens, New York 11356, United States

$3,000,000

$392/SF

Building Size

7,642 SF

Asset Type

Office

Closing

Jun 23, 2022

AI

Two Tone Contracting has acquired an office property located at 120-10 15th Ave. in College Point. The transaction was facilitated by Adriana Contavalle from TEK Realty Advisors LLC, representing the buyer, and Frank Ko from FKO Properties, representing the seller, Candice Colucci. The sale took place on June 24, 2022, with a sale price of $3,000,000.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $3,000,000
  • Address: 120-10 15th Ave.
  • Market: College Point
  • Buyer: Two Tone Contracting
  • Seller: Candice Colucci
  • Buyer's Representative: Adriana Contavalle - TEK Realty Advisors LLC
  • Seller's Representative: Frank Ko - FKO Properties
  • Square Footage: 7,642
  • Price per Square Foot: $393

Adriana Contavalle from TEK Realty Advisors LLC and Frank Ko from FKO Properties played crucial roles in facilitating this transaction. Their expertise and negotiation skills contributed to the successful sale of the office property in College Point.

Players

Frank Ko

Broker

$19.6M

vol

14 deals

Broker

Candice Colucci

Seller

$6.3M

vol

2 deals

Seller

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

5.29%

Cash-on-Cash

-1.51%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93