Stephen Hakakian Acquires Forest Hills Retail Property For $8M
7204 Austin Street, Forest Hills, Queens, NY 11375, USA
$8,000,000
$563/SF
Building Size
14,210 SF
Asset Type
Retail
Closing
Nov 3, 2021
About this deal
AI
The retail property located at 7204, 7208 & 7250 Austin Street in Forest Hills, Queens has been sold for a total price of $8,000,000. The property measures 14,210 square feet, resulting in a price per square foot of $562. The transaction was facilitated by Stephen R. Preuss SR, a broker representing the buyer Stephen Hakakian and the seller Lou Stockman.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $8,000,000
- Address: 7204, 7208 & 7250 Austin Street, Forest Hills, Queens
- Market: Forest Hills, Queens
- Broker: Stephen R. Preuss SR
The sale of this retail property is a significant deal in Forest Hills, Queens. Stephen Hakakian acted as the buyer, while Lou Stockman served as the seller. Stephen R. Preuss SR expertly represented both parties in the transaction.
Players
Forest Hills 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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93