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Asef Bari Acquires Office Building From Joseph Bruno Trust In Jackson Heights For $30M

Property Image
SOLD
$30,000,000
Josh Neustadter
Jonathan Squires
+ 3

New York

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Office92,914 SF
Sold 01/24/2025
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Property Image
SOLD

Asef Bari Acquires Office Building From Joseph Bruno Trust In Jackson Heights For $30M

74 09 37th Avenue

See Similar Deals
Office92,914 SF
Sold 01/24/2025
Josh Neustadter
Jonathan Squires
+ 3
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$322
Total Square Footage:92,914 SF
Transaction Type:Sale

The property asset involved in this transaction is an office located at 74-09 37th Avenue in the Bruson Building within the Jackson Heights market. The sale price of the property was $30,000,000. It features a total square footage of 92,914, which translates to a price per square foot of $322.

Summary of transaction details:

The transaction involved several key individuals representing both the buyer and the seller. Asef Bari, the buyer, was represented by brokers from Cushman & Wakefield, including Dylan Walsh, Jonathan Squires, Nick Kolbus, Kieran Baker, Josh Neustadter, and Austin Weiner. The seller, Joseph Bruno Trust, was also represented by these brokers in the transaction.

Players

Josh Neustadter
60 deals$545.5M volume(212) 660-7739
BROKER

Jonathan Squires
Cushman & Wakefield
93 deals$712.3M volume(917) 445-0022
BROKER

Dylan Walsh
Cushman & Wakefield
72 deals$582.7M volume(917) 887-5441
BROKER

Austin Weiner
Cushman & Wakefield
37 deals$281.6M volume
BROKER

Nick Kolbus
Cushman & Wakefield
34 deals$145.2M volume(718) 275-5472
BROKER

Kieran Baker
Cushman & Wakefield
14 deals$81.8M volume(516) 974-6694
BROKER

Details

SOLD
IMAGE: Austin Weiner, Dylan Walsh, Jonathan Squires, Josh Neustadter, Kieran Baker & Nick Kolbus DATE: 01/24/2025 ADDRESS: 74-09 37th Avenue - Bruson Building MARKET: Jackson Heights ASSET TYPE: Office BUYER: Asef Bari SELLER: Joseph Bruno Trust BROKERS: Dylan Walsh (@DylWalCre), Jonathan Squires, Nick Kolbus (@NKolbus_CRE), Kieran Baker (@Kieran.Baker.79), Josh Neustadter (@Josh_Neust) & Austin Weiner (@AustinWeiner) - Cushman & Wakefield (@CushWake) SALE PRICE: $30,000,000 SF: 92,914 ~ PPSF: $322

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,600,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66