Richard Harris Acquires Retail Property In Rego Park, Queens For $13M
SOLD
New York
See Similar DealsRetail8,763 SF
Sold 05/06/2019
SOLD
Richard Harris Acquires Retail Property In Rego Park, Queens For $13M
96-33 Queens Boulevard, Rego Park, Queens County, NY, USA
See Similar DealsRetail8,763 SF
Sold 05/06/2019
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,483
Total Square Footage:8,763 SF
Transaction Type:Sale
Located at 96-33 Queens Boulevard in Rego Park, Queens, this retail property was recently sold in a transaction on May 6, 2019. The asset, spanning 8,763 square feet, features a prime location in the Rego Park market.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $13,000,000
- Square Footage: 8,763
- Price per Square Foot: $1,483
- Tenant: Paris Baguette
- Seller: Carlyle Management - Gerald Simon
- Buyer: Richard Harris
- Broker: Michael Kook - Marcus & Millichap
In this transaction, Carlyle Management, represented by Gerald Simon, sold the property to Richard Harris. The buyer was assisted by Michael Kook from Marcus & Millichap. The sale price for the property was $13,000,000, resulting in a price per square foot of $1,483.
Players
LENDER
TENANT
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59
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