Soon Lee Acquires Retail Property In Astoria For $4.9M From Crown Acquisitions
SOLD
$4,900,000
New York
See Similar DealsRetail3,000 SF
Sold
SOLD
Soon Lee Acquires Retail Property In Astoria For $4.9M From Crown Acquisitions
22-28 31st Avenue, Astoria, NY, USA
See Similar DealsRetail3,000 SF
Sold
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$1633
Total Square Footage:3000 SF
Transaction Type:Sale
The property involved in this closed transaction is a retail asset located at 22-28 31st Street in Astoria. The property is zoned as C4-2A and spans a total of 3,000 square feet. The sale of this property took place on 03/01/2021, with Nathan Elmekies from Elmekies Equities representing the buyer Soon Lee and Nathan Elmekies representing the seller Crown Acquisitions.
Summary of Transaction Details
- Property Type: Retail
- Transaction Amount: $4,900,000
- Address: 22-28 31st Street
- Market: Astoria
- Zoning: C4-2A
Nathan Elmekies from Elmekies Equities played a key role as the broker in this transaction. The property was sold at a slight discount from its original asking price of $5,000,000. With a building square footage (BSF) of 7,500, the price per BSF was approximately $653. The price per square foot (PPSF) was calculated to be $1,633.
Players
BROKERAGE
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$261,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,408.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,228.50
Annual Debt Service$278,742.00
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