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A&E Acquires Package Deal In Jackson Heights, Queens From Joseph Bruno Trust For $58.75M

Property Image
SOLD
$58,750,000
Joseph (Joe) Koicim
Seth Glasser
Nat Rockett
+ 3

New York

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Other217,240 SF
Sold 09/30/2021
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Property Image
SOLD

A&E Acquires Package Deal In Jackson Heights, Queens From Joseph Bruno Trust For $58.75M

35-64 84th Street, Jackson Heights, NY 11372, USA

See Similar Deals
Other217,240 SF
Sold 09/30/2021
Joseph (Joe) Koicim
Seth Glasser
Nat Rockett
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$270
Total Square Footage:217,240 SF
Transaction Type:Sale

The package deal in Jackson Heights, Queens has been sold for $58,750,000. The properties located at 35-64 84th Street and 80-01 37th Avenue offer a combined square footage of 217,240. The sale price translates to a per square foot cost of $270. The package includes 224 units, with each unit valued at an average of $262,276.

Summary of transaction details:

  • Property Type: Package Deal
  • Transaction Amount: $58,750,000
  • Address: 35-64 84th Street & 80-01 37th Avenue, Jackson Heights, Queens
  • Square Footage: 217,240
  • Price Per Square Foot: $270
  • Units: 224
  • Price Per Unit: $262,276

The buyer of this package deal is A&E represented by Douglas Eisenberg. The seller is the Joseph Bruno Trust, represented by Craig Bruno. The deal was facilitated by brokers Shaun Riney and Joe Koicim from New York Multifamily, as well as Seth Glasser, Nat Rocket, and Dylan Walsh from Marcus & Millichap.

Players

Nat Rockett
Marcus & Millichap
Nat Rockett
4 deals$71.5M volume
BROKER
Seth Glasser
Marcus & Millichap
Seth Glasser
125 deals$1.1B volume
BROKER
Joseph (Joe) Koicim
Marcus & Millichap
Joseph Koicim
172 deals$2.7B volume(212) 430-5147
BROKER
Shaun Riney
Marcus & Millichap
Shaun Riney
355 deals$1.8B volume(718) 475-4369
BROKER
Dylan Walsh
Cushman & Wakefield
Dylan Walsh
72 deals$582.7M volume(917) 887-5441
BROKER

Details

SOLD
IMAGE: Shaun Riney, Joe Koicim, Seth Glasser, Nat Rocket & Dylan Walsh DATE: 09/30/2021 ADDRESS: 35-64 84th Street & 80-01 37th Avenue MARKET: Jackson Heights, Queens ASSET TYPE: Package Deal ~ ZONING: R7-1, C1-3 BUYER: A&E - Douglas Eisenberg SELLER: Joseph Bruno Trust - Craig Bruno BROKERS: Shaun Riney (@ShaunRiney1), Joe Koicim (@Joey1Cap) - @NewYorkMultifamily, Seth Glasser (@SethGlasser1), Nat Rocket & Dylan Walsh (@DylWalCRE) - @MarcusMillichap_NY SALE PRICE: $58,750,000 SF: 217,240 ~ PPSF: $270 UNITS: 224 ~ PPU: $262,276

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

$3,133,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$208,726.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$278,504.97
Annual Debt Service$3,342,059.67