Updated Dec 4, 2024
Michael D. Shanabrook Acquires Long Island City Development Site For $8M
38 23rd Street long, 17 23rd Street long isla, 38 24th Street & 18 24th Street
$8,000,000
$100/SF
Building Size
19,955 SF
Asset Type
Development Site
Closing
Sep 8, 2023
About this deal
AI
The entity 38-17 23rd St LLC has acquired a development site with 118,800 square feet of buildable space at 38-17 23rd Street and 38-18 24th Street in Long Island City, Queens. The property was sold by Sae Kwon Kim's entity Eastern Koex Realty Corp for a total price of $8 million. The sale represents a price per buildable square foot (PPBSF) of $67 and a price per square foot (PPSF) of $401. The property is located in Long Island City, Queens, which is a thriving market for real estate.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,000,000
- Square Footage: 118,800
- Address: 38-17 23rd Street & 38-18 24th Street
- Market: Long Island City, Queens
The buyer of the property is Michael D. Shanabrook's company, 38-17 23rd St LLC. The seller of the property is Sae Kwon Kim. This transaction marks a significant acquisition of a development site in Long Island City, Queens, showcasing the ongoing real estate activity in the area.
Players
Beach Haven Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93