Arik Lifshitz Acquires Long Island City Property For $47M From Seller Jack Guttman
29-28 41st Ave, Long Island City, NY 11101, USA
$31,500,000
$326/SF
Building Size
96,450 SF
Asset Type
Other
Closing
Nov 11, 2019
AI
The property asset involved in the transaction is located at 29-28 41st Street in Long Island City, Queens. It encompasses a total square footage of 96,450 and was sold for $47,000,000, which reflects a price per square foot valuation of $487.
Summary of transaction details:
- Property Type: Not specified
- Transaction Amount: $47,000,000
- Loan Amount: $31,500,000
- Buyer: Arik Lifshitz (DSA)
- Seller: Jack Guttman
- Lender: Avi Weinstock
Key individuals involved in the deal include Adan Elias Kornfeld, David Schechtman, Jonathan Shainberg, Amit Doshi, and Arik Lifshitz representing the buyer, while Avi Weinstock, Arik Lifshitz, and Josh Rhine are associated with the loan. The transaction took place on November 12, 2019.
Players
Long Island City Other Market Snapshot
Boundary boundary · Other · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93