Arkview Capital & Xia Jun Chen Acquire Long Island City Office & Parking For $7M
37-31 10th Street & 37-20 Prince Street
$7,000,000
$76/SF
Building Size
91,588 SF
Asset Type
Office
Closing
Mar 5, 2024
AI
The property involved in the transaction is located at 37-31 10th Street & 37-20 Prince Street, spanning across Long Island City, Flushing. The asset comprises office and parking spaces with a total square footage of 45,794. The sale price for the property was $7,000,000, equating to a price per square foot of $153.
Summary of transaction details:
- Property Type: Office & Parking
- Transaction Amount: $7,000,000
- Buyer: Arkview Capital & Xia Jun Chen
- Seller: Invictus Capital Partners
- Brokers: Daniel Kaplan, Justin Arzi & Michael Lee - CBRE
The deal was facilitated by brokers Daniel Kaplan, Justin Arzi, and Michael Lee from CBRE. Arkview Capital & Xia Jun Chen were the buyers while Invictus Capital Partners acted as the sellers in this property transaction.
Players
Long Island City Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93