Alexandria Real Estate Equities Acquires Queens Office Building For $75M
3002 48th Avenue, Long Island City, NY 11101, USA
$75,000,000
$428/SF
Building Size
175,000 SF
Asset Type
Office
Closing
Oct 9, 2018
About this deal
AI
The office building located at 30-02 48th Avenue in Queens has been sold for $75,000,000. The property, with a size of 175,000 square feet, was purchased by Alexandria Real Estate Equities. The price per square foot for this transaction was $430. The sellers, Brickman Real Estate and Third Point, were represented in the sale by Josh King, Adam Spies, and Doug Harmon from CushWake.
Summary of transation details
- Property Type: Office
- Transaction Amount: $75,000,000
- Square Footage: 175,000
- Price per Square Foot: $430
- Seller: Brickman Real Estate and Third Point
- Buyer: Alexandria Real Estate Equities
- Broker: Josh King, Adam Spies and Doug Harmon - CushWake
The transaction was first reported by The Real Deal.
On the Map
$75,000,000
$428/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93