Alexandria Real Estate Equities Acquires Queens Office Building For $75M
SOLD
$75,000,000
New York
See Similar DealsOffice175,000 SF
Sold 10/10/2018
SOLD
Alexandria Real Estate Equities Acquires Queens Office Building For $75M
3002 48th Avenue, Long Island City, NY 11101, USA
See Similar DealsOffice175,000 SF
Sold 10/10/2018
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$428
Total Square Footage:175,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,000,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$266,459.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$355,538.26
Annual Debt Service$4,266,459.16
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