Updated Feb 26, 2025
Cheng Teng Secures $2.2M Loan For Development Site In Flushing
55-44 97th Pl, Queens, NY 11368, USA
$2,200,000
$27/SF
Building Size
79,980 SF
Asset Type
Development Site
Closing
Sep 29, 2020
About this deal
AI
A development site located at 55-44 97th Place in Flushing has secured a loan of $2,200,000. The property, which spans 7,998 square feet, is zoned for both R6A and C2-2 use. The loan terms specify that the funds will be used for the development of a 10-unit rental building.
Summary of Transaction Details
- Property Type: Dev Site
- Transaction Amount: $2,200,000
- Address: 55-44 97th Place, Flushing
- Market: Flushing
- Zoning: R6A, C2-2
- BSF: 7,998
Cheng Teng is the landlord of the property. The loan was provided by Robert Schwartz and Steven Jemal from S3Capital.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.21%
Cash-on-Cash
-2.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93