Maier Kovitz Acquires Development Site In Long Island City For $3.9M
SOLD
$3,900,000
+ 3
Florida
See Similar DealsDevelopment Site
Sold 12/21/2022
SOLD
Maier Kovitz Acquires Development Site In Long Island City For $3.9M
37-25 32nd Street long
See Similar DealsDevelopment Site
Sold 12/21/2022
+ 3
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$208,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$13,855.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,487.99
Annual Debt Service$221,855.88
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