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
Astoria Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Deal FAQ
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