Hirshmark Capital Provides $8.1 Million Bridge Loan For Retail Property In Astoria, Queens
34-39 31st Street
$8,100,000
$506/SF
Building Size
16,000 SF
Asset Type
Retail
Closing
Aug 3, 2022
AI
The retail property located at 34-39 31st St. in Astoria, Queens, has been involved in a closed transaction. The property spans approximately 16,000 square feet and is situated in the Astoria market.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $8,100,000
- Lender: Hirshmark Capital
- Landlord: Steve Lysohir
- Broker: Jake Soodek - Hirshmark Capital
- Loan Type: Bridge
Jake Soodek, representing Hirshmark Capital, played a significant role in this deal as the broker. He facilitated the transaction between the lender and the landlord, securing a bridge loan amounting to $8,100,000 for the retail property on 34-39 31st St. in Astoria, Queens.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.96%
Cash-on-Cash
-0.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93