Jack Guttman Acquires Office Building From Vanbarton Group In Long Island City For $11M
47-16 Austell Place
$11,000,000
$214/SF
Building Size
51,200 SF
Asset Type
Office
Closing
Sep 19, 2024
AI
The property at 47-16 Austell Place, located in the Long Island City market, is categorized as an office asset. The transaction was completed for a sale price of $11,000,000, covering a total square footage of 51,200, which translates to a price per square foot of $214.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $11,000,000
- Address: 47-16 Austell Place
- Market: Long Island City
- Square Footage: 51,200
- Price per Square Foot: $214
- Buyer: Jack Guttman
- Seller: Vanbarton Group
- Brokers: Stephen R. Preuss Sr., Andreas Efthymiou, Kevin Louie & Kevin Schmitz - Ripco
The brokerage team involved in this transaction includes Stephen R. Preuss Sr., Andreas Efthymiou, Kevin Louie, and Kevin Schmitz, all representing Ripco in the deal. This team plays a crucial role in facilitating the sale between the buyer, Jack Guttman, and the seller, Vanbarton Group.
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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93