Lee Family Acquires Retail Property In Oakland Gardens, Queens For $32M
SOLD
$32,000,000
+ 1
New York
See Similar DealsRetail33,390 SF
Sold 07/28/2022
SOLD
Lee Family Acquires Retail Property In Oakland Gardens, Queens For $32M
61-01 Springfield Boulevard
See Similar DealsRetail33,390 SF
Sold 07/28/2022
+ 1
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$958
Total Square Footage:33,390 SF
Transaction Type:Sale
The retail property located at 6101 Springfield Blvd. in Oakland Gardens, Queens has been sold in a recent transaction. The property spans a total of 33,390 square feet and was sold for a price of $32,000,000, resulting in a price per square foot of $958. The sale was completed on July 28, 2022.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $32,000,000
- Square Footage: 33,390
- Price per Square Foot: $958
- Address: 6101 Springfield Blvd.
- Market: Oakland Gardens, Queens
The buyer of the property is the Lee Family, while the seller is the Li Family. The buyer was represented by Robert Khodadadian, Daniel Shirazi, and Stephen Alcala from Skyline Properties.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,706,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$113,689.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$151,696.33
Annual Debt Service$1,820,355.91
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