LBA Realty Acquires Development Site In Maspeth, Queens For $26M
SOLD
$26,000,000
California
See Similar DealsDevelopment Site179,016 SF
Sold 06/09/2020
SOLD
LBA Realty Acquires Development Site In Maspeth, Queens For $26M
58 38 47th St, Maspeth, Ny 11378, Usa
See Similar DealsDevelopment Site179,016 SF
Sold 06/09/2020
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$145
Total Square Footage:179,016 SF
Transaction Type:Sale
A development site located at 58-38 47th Street in Maspeth, Queens has been sold. The property was sold by Dino Tomassetti Jr to LBA Realty represented by Steven Layton. The transaction took place on June 9, 2020, for a total price of $26,000,000. The property has a building square footage (BSF) of 179,016. The price per building square footage (PPBSF) is $145.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $26,000,000
- Address: 58-38 47th Street, Maspeth, Queens
- Buyer: Steven Layton - LBA Realty
- Seller: Dino Tomassetti Jr
- BSF: 179,016
- PPBSF: $145
Steven Layton, representing LBA Realty, was the buyer in this transaction. Dino Tomassetti Jr served as the seller.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,386,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$92,372.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$123,253.26
Annual Debt Service$1,479,039.17
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