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Kartsonis Family Acquires Retail Property In Forest Hills, Queens For $12.25M

Property Image
SOLD
$12,250,000
Ami Efrati
Kevin Schmitz
Kevin Louie
+ 2

New York

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Retail10,000 SF
Sold 11/03/2022
the dealplayerscompscontact
Property Image
SOLD

Kartsonis Family Acquires Retail Property In Forest Hills, Queens For $12.25M

109 Ascan Avenue

See Similar Deals
Retail10,000 SF
Sold 11/03/2022
Ami Efrati
Kevin Schmitz
Kevin Louie
+ 2
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,225
Total Square Footage:10,000 SF
Transaction Type:Sale

The retail property located at 109-32 Ascan Avenue in Forest Hills, Queens has been sold for a total price of $12,250,000. The property spans 10,000 square feet, resulting in a price per square foot of $1,225.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $12,250,000
  • Address: 109-32 Ascan Avenue, Forest Hills, Queens
  • Market: Forest Hills, Queens
  • Buyer: Kartsonis Family
  • Seller: Koumas Family
  • Seller's Representative: Stephen R. Preuss Sr., Kevin Schmitz, Andreas Efthymiou, and Kevin Louie - Ripco Investment Sales
  • Buyer's Representative: Ami Efrati - Entrepreneur Properties

The sale was facilitated by the seller's representatives, Stephen R. Preuss Sr., Kevin Schmitz, Andreas Efthymiou, and Kevin Louie from Ripco Investment Sales. Ami Efrati of Entrepreneur Properties represented the buyer in this transaction.

Players

Kevin Louie
Ripco
Kevin Louie
125 deals$1B volume(718) 663-2642
BROKER
Andreas Efthymiou
Ripco
Andreas Efthymiou
128 deals$1.1B volume
BROKER
Stephen R. Preuss Sr.
Ripco
Stephen R. Preuss Sr.
258 deals$2B volume(718) 663-2639
BROKER
Kevin Schmitz
Ripco
Kevin Schmitz
112 deals$846.3M volume
BROKER
Ami Efrati
Ami Efrati
5 deals$27.9M volume
BROKER

Details

SOLD
IMAGE: Stephen R. Preuss Sr., Kevin Schmitz, Andreas Efthymiou, Kevin Louie & Ami Efrati DATE: 11/03/2022 ADDRESS: 109-32 Ascan Avenue MARKET: Forest Hills, Queens ASSET TYPE: Retail BUYER: Kartsonis Family SELLER: Koumas Family SELLER'S REP: Stephen R. Preuss Sr. (@RipcoInvestmentSales), Kevin Schmitz (@Kevin.Schmitz_CRE), Andreas Efthymiou (@Andreas.E_Investment_Sales) & Kevin Louie (@Kevin.Louie_Investment_Sales) - Ripco Investment Sales BUYER'S REP: Ami Efrati - Entrepreneur Properties SALE PRICE: $12,250,000 SF: 10,000 ~ PPSF: $1,225

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$653,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$43,521.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$58,071.25
Annual Debt Service$696,855.00