Ben Ashkenazy Acquires Retail Property In Elmhurst, Queens For $40.5M
92-59 59th Avenue, Queens, New York 11373, United States
$40,500,000
$200/SF
Building Size
202,383 SF
Asset Type
Retail
Closing
Apr 17, 2023
About this deal
AI
A retail property located at 92-59 59 Avenue in Elmhurst, Queens has been sold in a closed transaction. The property has a zoning designation of C4-5X and offers a total square footage of 202,383. The sale took place on 12/23/2021, with Ben Ashkenazy purchasing the property from Joel Schneider for a price of $40,500,000. The property's price per square foot (PPSF) is $200, and its building square footage (BSF) is 411,335. The price per buildable square foot (PPBSF) is $98. The lot size is 82,267, with dimensions of 365 ft x 224 ft.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $40,500,000
- Market: Elmhurst, Queens
- Zoning: C4-5X
- Buyer: Ben Ashkenazy
- Seller: Joel Schneider
- Building Square Footage (BSF): 411,335
- Price per Buildable Square Foot (PPBSF): $98
- Total Square Footage: 202,383
- Price per Square Foot (PPSF): $200
- Last Sale Price: $18,120,000 (1/30/2021)
- Lot Size: 82,267
- Lot Dimension: 365 ft x 224 ft
- Floor Area Ratio (FAR): 2.46
- Tax Class: 4
Ben Ashkenazy represented himself in the transaction as the buyer, while Joel Schneider acted as the seller's representative.
Elmhurst 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
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93