Updated Oct 28, 2024
Chris Xu Secures $30M Construction Loan For Long Island City Development Site
46-30 21st Street, Queens, New York 11101, United States
$30,000,000
$2,400/SF
Building Size
12,500 SF
Asset Type
Development Site
Closing
Mar 30, 2022
About this deal
AI
A development site located at 46-30 21st Street in Long Island City, with a square footage of 12,500, was involved in a recent transaction. The property was acquired by United Construction & Development Group, represented by Chris Xu. The loan for the transaction was provided by Bank Leumi, with a loan amount of $30,000,000. The loan type was construction.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $30,000,000
- Address: 46-30 21st Street, Long Island City
- Market: Long Island City
- Square Footage: 12,500
- Landlord: United Construction & Development Group - Chris Xu
- Lender: Bank Leumi
Chris Xu, representing United Construction & Development Group, successfully acquired the development site at 46-30 21st Street in Long Island City through a loan provided by Bank Leumi. The loan amount was $30,000,000, and the loan type was construction. This transaction highlights the collaboration between United Construction & Development Group and Bank Leumi in the Long Island City market.
Players
New York 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93