Brightspire Capital Sells Long Island City Office For $21.5 Million With Newmark Representing
21 10 51st Avenue
$21,500,000
$119/SF
Building Size
180,314 SF
Asset Type
Office
Closing
Dec 17, 2025
About this deal
AI
The asset involved in the transaction is an office property located at 21-10 51st Avenue in Long Island City. The property was sold for a total of $21,500,000, encompassing a total square footage of 180,314, resulting in a price per square foot of $119.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $21,500,000
- Address: 21-10 51st Avenue
- Market: Long Island City
- Seller: Brightspire Capital
- Square Footage: 180,314
- Price Per Square Foot: $119
- Brokers: Adam Spies, Joshua King, Daniel O'Brien, Caroline Hodes & Danny Jones - Newmark
The transaction involved several key individuals, including brokers Adam Spies, Joshua King, Daniel O'Brien, Caroline Hodes, and Danny Jones, all representing the seller, Brightspire Capital, through Newmark.
On the Map
$21,500,000
$119/SF
Office
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Players
Long Island City 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
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93