Manoucher Malekan Acquires Retail Property In Jackson Heights For $4M
84-14 Northern Blvd, Jackson Heights, NY, USA
$4,000,000
$500/SF
Building Size
8,000 SF
Asset Type
Retail
Closing
Dec 14, 2020
About this deal
AI
Located at 84-14 Northern Blvd. in Jackson Heights, this retail property has been sold in a recent transaction. The property spans 8,000 square feet and is zoned for both R4 and C1-2 use. The transaction took place on December 15, 2020, with a sale price of $4,000,000, resulting in a price per square foot of $500. The property features a 100 ft x 100 ft lot size.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,000,000
- Address: 84-14 Northern Blvd.
- Market: Jackson Heights
- Zoning: R4, C1-2
The buyer in this transaction is Manoucher Malekan, while the seller is Sidney Schwartzberg. The deal also involves a loan of $2.275 million, provided by Signature Bank.
Players
New York 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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93