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McKinley Homes Buys Development Site In Great Neck For $8M

Property Image
SOLD
$8,000,000

New York

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Office53,097 SF
Sold 11/22/2019
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Property Image
SOLD

McKinley Homes Buys Development Site In Great Neck For $8M

212 Middle Neck Rd, Great Neck, NY...

See Similar Deals
Office53,097 SF
Sold 11/22/2019
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$150
Total Square Footage:53,097 SF
Transaction Type:Sale

Located at 212 Middle Neck Rd in Great Neck, NY, the property involved in this transaction is a 53,097-square-foot office asset. The sale took place on November 22, 2019, with a closing price of $8,000,000. The market for this property is in Great Neck.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $8,000,000.00
  • Asset Size: 53,097 sq ft
  • Address: 212 Middle Neck Rd, Great Neck, NY
  • Seller: GN Properties LLC
  • Buyer: McKinley Homes
  • Seller's Representative: Robert (Rob) Kuppersmith (Cushman & Wakefield)
  • Buyer's Representatives: Kelly Koukou and Bradley Diamond (Lee & Associates)

The individuals and companies involved in the deal were Robert Kuppersmith, Daniel Abbondandolo, and Dimitri Mastrogiannis from Cushman & Wakefield representing the seller, GN Properties LLC. On the buyer's side, McKinley Homes was represented by Kelly Koukou and Bradley Diamond of Lee & Associates. The buyer, McKinley Homes, has plans to develop a 40-unit multifamily building on the site, including one-, two-, and three-bedroom units, as well as amenities such as storage, a community laundry room, gym, rooftop lounge, and deck area.

Players

Robert (Rob) Kuppersmith
11 deals$69.9M volume
BROKER

BUYER

Details

SOLD
IMAGE: 11/22/2019 ADDRESS: 212 Middle Neck Rd, Great Neck, NY... MARKET: Great Neck ASSET TYPE: Office SELLER'S REP: Robert (Rob) Kuppersmith(Cushman & Wakefield) BUYER: McKinley Homes SELLER: GN Properties LLC PRICE: $8,000,000.00 SF: 53097

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$426,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$28,422.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,924.08
Annual Debt Service$455,088.98