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31-35 Steinway Street

Updated Oct 29, 2024

Urban Upbound Acquires Retail Building In Astoria, Queens For $5.5M
SOLDRetail

Urban Upbound Acquires Retail Building In Astoria, Queens For $5.5M

31-35 Steinway Street

Building Size

Asset Type

Retail

Closing

Apr 17, 2023

About this deal

AI

A retail building located at 31-35 Steinway Street in Astoria, Queens, was recently sold in a closed transaction. The buyer, Urban Upbound, acquired the property from the seller, Daniel Group - Bruce H. Lederman, for a total sale price of $5,473,575. The building has a total square footage of 9,000, with an additional 4,500 square feet of air rights, resulting in a total buildable square footage of 13,500. The price per square foot for the property is $608, and the price per buildable square foot is $405.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $5,473,575
  • Address: 31-35 Steinway Street, Astoria, Queens
  • Market: Astoria, Queens
  • Buyer: Urban Upbound
  • Seller: Daniel Group - Bruce H. Lederman
  • Square Footage: 9,000
  • Buildable Square Footage: 13,500
  • Price per Square Foot: $608
  • Price per Buildable Square Foot: $405

Urban Upbound, a nonprofit organization, made the purchase through its affiliate, East River Development Alliance. The sale of the retail building was finalized on April 17, 2023, according to public records.

Players

DG
Daniel GroupSeller

Astoria 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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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