Updated Dec 20, 2023
Chang Bao Acquires Astoria Development Site For $2.6M
31 49,51,53 14th Street, Astoria
$2,625,000
$242/SF
Building Size
10,818 SF
Asset Type
Development Site
Closing
Jun 24, 2020
About this deal
AI
A development site located at 31-49,51,53 14th street in Astoria has been sold in a closed transaction. The property, with a total square footage of 10,818 and a price per square foot of $243, was listed with an asking price of $2,999,000. The final sale price for the site was $2,625,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,625,000
- Address: 31-49,51,53 14th street, Astoria
- Market: Astoria
The seller of the property was Sergio Maccarrone, while the buyer was Chang Bao. Representing the deal were brokers Jeremy Ruiz and Gregory Kyroglou from ModernSpaces.
On the Map
$2,625,000
$242/SF
Development Site
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Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.04%
Cash-on-Cash
-1.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93