BrightSpire Capital Acquires Office Property In Long Island City From The Related Cos For $64.3M
21-0 49th AveLong Island City, NY 11101, USA
$64,300,000
$494/SF
Building Size
130,000 SF
Asset Type
Office
Closing
Jun 20, 2023
AI
BrightSpire Capital has acquired an office property located at 21-00 49th Street in Long Island City from The Related Cos for a sale price of $64.3 million. The office property spans 130,000 square feet and has a price per square foot of $495.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $64,300,000
- Square Footage: 130,000
- Price Per Square Foot: $495
- Address: 21-00 49th Street
- Market: Long Island City
The buyer, BrightSpire Capital, has successfully acquired the office property from The Related Cos. This transaction marks a significant move in the Long Island City market.
Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93