Shulem Herman Acquires Hotel / Homeless Shelter In Queens For $36.5M
52-34 Van Dam St, Long Island City, NY 11101, USA
$36,500,000
$512/SF
Building Size
71,173 SF
Asset Type
Other
Closing
Nov 25, 2018
AI
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.
Long Island City Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93