Sotheby's Acquires Office Building In Long Island City For $82M
SOLD
$82,000,000
+ 1
New York
See Similar DealsOffice240,000 SF
Sold 02/24/2022
SOLD
Sotheby's Acquires Office Building In Long Island City For $82M
25 49th Avenue, Queens, New York 11101, United States
See Similar DealsOffice240,000 SF
Sold 02/24/2022
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$341
Total Square Footage:240,000 SF
Transaction Type:Sale
An office asset located at 25-11 49th Avenue in Long Island City was recently sold. The property, spanning 240,000 square feet, was sold for a total of $82,000,000, yielding a price per square foot of $341. The transaction took place on February 24, 2022.
Summary of Transaction Details:
- Property Type: Office
- Transaction Amount: $82,000,000
- Address: 25-11 49th Avenue
- Market: Long Island City
- Square Footage: 240,000
The buyer of the property was Sotheby's, while the sellers were Columbia Property Trust and State Street. The deal was facilitated by brokers from Cushman & Wakefield, namely Josh King, Adam Spies, Adam Doneger, and Avery Silverstein.
Players
BROKERAGE
SELLER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,373,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$291,328.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$388,721.83
Annual Debt Service$4,664,662.01
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