Kwok Hei Lee Acquires Office In Downtown Flushing For $8M
136-19 41st Avenue, Downtown Flushing, NY, USA
$8,000,000
$1,087/SF
Building Size
7,360 SF
Asset Type
Office
Closing
Mar 7, 2021
About this deal
AI
The office building located at 136-19 41st Avenue in Downtown Flushing has been sold. The property, with a total area of 7,360 square feet, was purchased by Kwok Hei Lee for $8,000,000. The sale took place on 03/08/2021. The office is zoned as C4-3, allowing for various commercial uses.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,000,000
- Address: 136-19 41st Avenue
- Market: Downtown Flushing
- Zoning: C4-3
Kwok Hei Lee acted as the buyer in this transaction, while Shung-Peg Joh acted as the seller. The purchase price of $8,000,000 corresponds to a price per square foot (PPSF) of $1,086.
Players
Flushing 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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93