Shulem Herman Acquires Hotel / Homeless Shelter In Queens For $36.5M
SOLD
$36,500,000
New York
See Similar DealsOther71,173 SF
Sold 11/26/2018
SOLD
Shulem Herman Acquires Hotel / Homeless Shelter In Queens For $36.5M
52-34 Van Dam St, Long Island City, NY 11101, USA
See Similar DealsOther71,173 SF
Sold 11/26/2018
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$512
Total Square Footage:71,173 SF
Transaction Type:Sale
The property involved in this closed transaction is a Hotel / Homeless Shelter located at 52-34 Van Dam Street in Queens. The transaction took place on November 26, 2018. The property was sold for a total price of $36,500,000. The buyer in this deal is Shulem Herman, while the seller is Lam Group represented by John Lam.
Summary of transaction details
- Property Type: Hotel / Homeless Shelter
- Transaction Amount: $36,500,000
- Address: 52-34 Van Dam Street
- Market: Queens
In this transaction, Shulem Herman acquired the Hotel / Homeless Shelter located at 52-34 Van Dam Street in Queens from the Lam Group, represented by John Lam.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,946,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$129,676.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$173,028.62
Annual Debt Service$2,076,343.46
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