Blackstone Group Acquires Garage In East Elmhurst For $19M
SOLD
$19,000,000
New York
See Similar DealsOther8,675 SF
Sold 11/13/2020
SOLD
Blackstone Group Acquires Garage In East Elmhurst For $19M
83-34 23rd Ave, East Elmhurst, NY, USA
See Similar DealsOther8,675 SF
Sold 11/13/2020
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$2,190
Total Square Footage:8,675 SF
Transaction Type:Sale
A garage located at 83-34 23rd Ave. in East Elmhurst, with a lot size of 72,290 square feet, has been sold for a price of $19,000,000. The property is zoned as M1-1 and has a floor area ratio (FAR) of 0.12. The tax class for this property is 4.
Summary of transaction details
- Property Type: Garage
- Transaction Amount: $19,000,000
- Market: East Elmhurst
- Zoning: M1-1
In this deal, the buyer was the Blackstone Group, represented by Kathleen Mccarthy, Jonathan Gray, and Ken Caplan. The seller of the property was Sanford Miller.
The garage has a total square footage of 8,675, with a price per square foot (PPSF) of $2,190. The building has a total buildable square footage (BSF) of 72,290, leading to a price per buildable square foot (PPBSF) of $262.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,013,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$67,502.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$90,069.69
Annual Debt Service$1,080,836.32
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