Updated Sep 1, 2026
Raymond Chan Secures $18.8M Construction Loan For Development Site In Astoria
23-04 32nd Street
$18,800,000
$2,892/SF
Building Size
6,500 SF
Asset Type
Development Site
Closing
May 22, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 23-04 32nd Street in Astoria. The property encompasses a building size factor of 35,040 and a total square footage of 6,500. The transaction involved a loan amounting to $18,800,000 specifically designated for construction purposes with a loan term of 30 months.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,800,000
- Address: 23-04 32nd Street
- Market: Astoria
- Asset Size (BSF): 35,040
- Asset Size (SF): 6,500
- Borrower: Raymond Chan
- Loan Type: Construction
- Loan Terms: 30 Months
Key individuals involved in the transaction include Yanni Kouzilos and Douglas Romero, who are associated with the deal in a representation capacity.
On the Map
$18,800,000
$2,892/SF
Development Site
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Players
Astoria Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.84%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93