Updated Dec 4, 2024
Maier Kovitz Acquires Development Site In Long Island City For $3.9M
37-25 32nd Street long
$3,900,000
Building Size
—
Asset Type
Development Site
Closing
Dec 21, 2022
About this deal
AI
A development site located at 37-25 32nd Street in Long Island City, Queens has been sold for $3,900,000. The property has a buildable square footage (BSF) of 14,225, resulting in a price per buildable square foot (PPBSF) of $274.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $3,900,000
- Address: 37-25 32nd Street, Long Island City, Queens
- Market: Long Island City, Queens
- Buyer: Maier Kovitz
- Seller: Paul Conway
- Brokers: Stephen R. Preuss Sr., Andreas Efthymiou, Kevin Schmitz, & Kevin Louie - Ripco
The deal was facilitated by Stephen R. Preuss Sr., Andreas Efthymiou, Kevin Schmitz, and Kevin Louie, who represented both the buyer, Maier Kovitz, and the seller, Paul Conway, in the transaction.
On the Map
$3,900,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.07%
Cash-on-Cash
-1.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93