Palestra Properties Acquires Retail Property In Hollis For $7M
206-02 Hillside Avenue, Hollis, NY, USA
$7,000,000
$546/SF
Building Size
12,813 SF
Asset Type
Retail
Closing
Jul 19, 2021
About this deal
AI
The property at 206-02 Hillside Avenue in Hollis has been sold in a recent transaction. The asset is a retail property with a zoning designation of R4 and C1-2. The property has a lot size of 22,880 and the dimensions are 205 ft x 117 ft. The previous sale price of the property was $5,300,000 on February 3, 2017. The latest transaction took place on July 20, 2021, with a sale price of $7,000,000. The building has a total square footage of 12,813, with a price per square foot of $546. The building's floor area ratio (FAR) is 0.56, and the tax class is 4. A permit for alteration type 2 was issued on November 7, 2018.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $7,000,000
- Buyer: Palestra Properties
- Seller: Samuel Genet
- Building Square Footage: 12,813
- Price per Square Foot: $546
Palestra Properties acted as the buyer in this transaction, while Samuel Genet was the seller. The sale price of $7,000,000 reflects the value of the property. The transaction also involved a permit for alteration type 2, indicating potential changes or improvements to the property. The property is located in the market of Hollis, adding to its investment potential.
On the Map
$7,000,000
$546/SF
Retail
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Players
New York Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93