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135-25 Northern Boulevard, ...

Kin Chau Cheng Acquires Church In Downtown Flushing, Queens For $8M
SOLDOther

Kin Chau Cheng Acquires Church In Downtown Flushing, Queens For $8M

135-25 Northern Boulevard, Queens, New York 11354, United States

$8,000,000

$410/SF

Building Size

19,471 SF

Asset Type

Other

Closing

Dec 9, 2021

AI

A church located at 135-25 Northern Boulevard in Downtown Flushing, Queens, has been sold for $8,000,000. The property has a building square footage (BSF) of 49,774, resulting in a price per BSF of $161. The total square footage (SF) of the church is 19,471, with a price per SF of $411. The lot size is 20,483 square feet, and the property's lot dimensions are 44 feet by 358 feet.

Summary of transaction details

  • Property Type: Church
  • Transaction Amount: $8,000,000
  • Address: 135-25 Northern Boulevard, Downtown Flushing, Queens
  • Market: Downtown Flushing, Queens
  • Zoning: R6, C2-2
  • Buyer: Kin Chau Cheng
  • Seller: Ken Huang
  • Building Square Footage (BSF): 49,774
  • Price Per BSF: $161
  • Total Square Footage (SF): 19,471
  • Price Per SF: $411
  • Far: 1.40
  • Tax Class: 4
  • Lot Size: 20,483 square feet
  • Last Sale Price: $0 (3/31/2021)
  • Permits: Alteration type 3 (11/12/2021)
  • Lot Dimensions: 44 feet x 358 feet

Kin Chau Cheng has acquired the church property located at 135-25 Northern Boulevard in Downtown Flushing, Queens. The seller of the property is Ken Huang. The transaction took place on 12/10/2021, and the property was previously sold for $0 on 3/31/2021. Permits for alterations were obtained on 11/12/2021.

Players

SG
Sunlight Development GroupSeller

New York Other Market Snapshot

Boundary boundary · Other · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.98%

Cash-on-Cash

-0.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93