Jeff Lam Acquires Office Property In Queens For $7.4M
SOLD
$7,365,000
New York
See Similar DealsOffice76,680 SF
Sold 06/05/2020
SOLD
Jeff Lam Acquires Office Property In Queens For $7.4M
2268 31st St, Astoria, NY 11105, USA
See Similar DealsOffice76,680 SF
Sold 06/05/2020
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$96
Total Square Footage:76,680 SF
Transaction Type:Sale
The property at 2268 31st Street in Queens has been sold in a recent closed transaction. It is an office asset with a total square footage of 7,668 square feet. The building itself has a total square footage of 24,769. The property was sold for a price of $7,365,000, corresponding to a price per square foot of $958 and a price per building square foot of $297.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $7,365,000
- Square Footage: 7,668
- Building Square Footage: 24,769
- Price per Square Foot: $958
- Price per Building Square Foot: $297
The buyer of the property is Jeff Lam. The seller is Ditmars Assoc., represented by Leon Miller. The deal was facilitated by brokers Greg Batista, Todd Cooper, and Mark Kaplan from Ripco Real Estate.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$392,800.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$26,166.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,913.86
Annual Debt Service$418,966.29
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