United Construction & Development Group Acquires Note In Elmhurst, Queens From ConnectOne Bank For $6.65M
SOLD
$6,650,000
New York
See Similar DealsOther
Sold 11/22/2022
SOLD
United Construction & Development Group Acquires Note In Elmhurst, Queens From ConnectOne Bank For $6.65M
47 90th Street, Queens, New York 11373, United States
See Similar DealsOther
Sold 11/22/2022
Summary
NEW YORK
Asset Type:Other
Transaction Type:Sale
The note at 47-11 90th Street, Elmhurst, Queens, was sold for a total transaction amount of $6,650,000. The property is situated in the Elmhurst market and was purchased by United Construction & Development Group - Jiashu Xu from ConnectOne Bank.
Summary of transation details
- Property Type: Note
- Transaction Amount: $6,650,000
- Date: 11/22/2022
- Address: 47-11 90th Street, Elmhurst, Queens
- Market: Elmhurst, Queens
- Buyer: United Construction & Development Group - Jiashu Xu
- Seller: ConnectOne Bank
Jiashu Xu, representing United Construction & Development Group, acted as the buyer in this transaction. ConnectOne Bank served as the seller. The sale of this note marks an important deal in the Elmhurst market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$354,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,626.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,524.39
Annual Debt Service$378,292.71
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