The Danco Family Acquires Office Building On Queens-Midtown Expressway In New York City For $4M
66-00 Queens Midtown Expy Flushing, NY 11378, USA
$4,000,000
$255/SF
Building Size
15,650 SF
Asset Type
Office
Closing
May 18, 2023
About this deal
AI
The office property located at 66-00 Queens-Midtown Expressway in New York City has been sold in a closed transaction. The property spans 15,650 square feet and was sold for a price of $4,000,000, resulting in a price per square foot of $256. The cap rate for the transaction is 6.4%.
Summary of Transaction Details:
- Property Type: Office
- Sale Price: $4,000,000
- Square Footage: 15,650
- Price Per Square Foot: $256
- Cap Rate: 6.4%
- Address: 66-00 Queens-Midtown Expressway, New York City
The buyer of the property is The Danco Family, while the seller is The Lorraine E. Ripley Revocable Trust. Stephen R. Preuss Sr., Andreas Efthymiou, and Christian Allimonos from Ripco represented the parties involved in the transaction as brokers.
On the Map
$4,000,000
$255/SF
Office
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Players
New York 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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93