Blumenfeld Development Group Refinances Jackson Heights Retail Property For $22.5M
71-01 25th Avenue, Queens, New York 11370, United States
$22,500,000
$169/SF
Building Size
132,944 SF
Asset Type
Retail
Closing
Apr 26, 2022
AI
The property involved in this transaction is a retail asset located at 71-01 & 72-15 25th Avenue in Jackson Heights. It has a total square footage of 132,944 and is owned by the Blumenfeld Development Group.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $22,500,000
- Loan Type: Refinance
The lender for this transaction is the NYS Common Retirement Fund. Edward Blumenfeld, representing the Blumenfeld Development Group, was the landlord in this deal.
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
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93