Pearl Realty Management Acquires Office At 21-00 49th Avenue From BrightSpire Capital For $28M
21-00 49th Avenue
$28,000,000
$216/SF
Building Size
129,068 SF
Asset Type
Office
Closing
Mar 8, 2026
About this deal
AI
The property asset involved in the transaction is an office located at 21-00 49th Avenue in Long Island City. The sale price for the property was $28,000,000, with a total square footage of 129,068, which brings the price per square foot to $216.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $28,000,000
- Address: 21-00 49th Avenue
- Market: Long Island City
- Square Footage: 129,068
- Price per Square Foot: $216
- Buyer: Pearl Realty Management
- Seller: BrightSpire Capital
- Buyer's Representative: David Ratner - Douglas Elliman
- Seller's Representative: Daniel O'Brien - Newmark
The transaction featured David Ratner representing the buyer, Pearl Realty Management, and Daniel O'Brien representing the seller, BrightSpire Capital. Each broker played a crucial role in facilitating the deal between the involved parties.
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
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93