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Michael J. Mazzei Of BrightSpire Capital Acquires Office Building For $21.5M In Long Island City
SOLD
$21,500,000
New York
See Similar DealsOffice168,000 SF
Sold 12/18/2025
SOLD
Michael J. Mazzei Of BrightSpire Capital Acquires Office Building For $21.5M In Long Island City
21 09 Borden Avenue
See Similar DealsOffice168,000 SF
Sold 12/18/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$128
Total Square Footage:168,000 SF
Transaction Type:Sale
The property involved in this transaction is an office building located at 21-09 Borden Avenue in Long Island City, Queens. The asset spans 168,000 square feet and was sold for $21,500,000, translating to a price per square foot of approximately $128. This transaction was categorized as "real estate owned."
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $21,500,000
- Square Footage: 168,000
- Address: 21-09 Borden Avenue
- Market: Long Island City, Queens
- Seller: Blanchard 2109 LLC
- Buyer: Michael J. Mazzei - BrightSpire Capital
- Price Per Square Foot: $128
This transaction involved Michael J. Mazzei representing BrightSpire Capital as the buyer. Blanchard 2109 LLC was the seller of the property in this transaction.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,146,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$76,384.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$101,920.97
Annual Debt Service$1,223,051.63
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