Cornell Realty And @LIVWRK Acquire Long Island City Warehouse For $17.75M
SOLD
$17,750,000
New York
See Similar DealsOther50,000 SF
Sold 11/29/2020
SOLD
Cornell Realty And @LIVWRK Acquire Long Island City Warehouse For $17.75M
42-45 12th St, Long Island City, NY 11101, USA
See Similar DealsOther50,000 SF
Sold 11/29/2020
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$355
Total Square Footage:50,000 SF
Transaction Type:Sale
A warehouse located at 4245 12th Street in Long Island City, New York has been sold in a closed transaction. The property spans an area of 50,000 square feet and was sold for a price of $17,750,000, resulting in a price per square foot of $355.
Summary of transaction details
- Property Type: Warehouse
- Transaction Amount: $17,750,000
- Square Footage: 50,000 sf
- Price per Square Foot: $355
- Address: 4245 12th Street, Long Island City, New York
- Market: Long Island City
Cornell Realty, in joint venture with @LIVWRK and Asher Abehsera, has purchased the warehouse. The seller of the property is James Benatti and the Benatti family. The deal was facilitated by broker Itan Rahmani.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$946,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$63,062.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$84,144.06
Annual Debt Service$1,009,728.67
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