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74 09 37th Avenue

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

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

74 09 37th Avenue

$30,000,000

$322/SF

Building Size

92,914 SF

Asset Type

Office

Closing

Jan 24, 2025

AI

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

Cushman & Wakefield

Broker

$545.5M

vol

60 deals

Broker

Jackson Heights 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

0.53%

Cash-on-Cash

-0.15%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93