BrightSpire Capital Acquires Office Building In Long Island City, Queens For $63.3M
21-09 Borden Ave Long Island City, NY 11101, USA
$63,316,169
$376/SF
Building Size
168,000 SF
Asset Type
Office
Closing
Jun 27, 2023
About this deal
AI
BrightSpire Capital has acquired the office building located at 21-09 Borden Avenue in Long Island City, Queens. The property, purchased from Related Companies and BentallGreenOak, was sold for a total of $63.3 million. The office building spans a total of 168,000 square feet, resulting in a price per square foot of $377.
Summary of transation details
- Property Type: Office
- Transaction Amount: $63,316,169
- Address: 21-09 Borden Avenue, Long Island City, Queens
- Market: Long Island City, Queens
The buyer, BrightSpire Capital, was represented by David A. Palame. On the other hand, Patrick Sweeney represented the sellers, Related Companies, and BentallGreenOak.
Players
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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