Updated Oct 29, 2024
Wildflower Acquires Development Site In Queens, Astoria For $73M From Seller Steinway Street
87 19th Ave, Queens, NY 11105, USA
$73,000,000
$152/SF
Building Size
479,100 SF
Asset Type
Development Site
Closing
Jun 5, 2019
About this deal
AI
The development site located at 87 19th Avenue in Queens, Astoria has been sold in a closed transaction. The property, a development site, was purchased for a total price of $73,000,000. The site is expected to be transformed into a 500,000 square foot film studio.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $73,000,000
- Address: 87 19th Avenue, Queens, Astoria
- Market: Queens, Astoria
- Plans: 500,000 square foot film studio
The deal involved several key individuals and companies. The buyer, Wildflower, was represented by Matt Dicker, Adam Gordon, Robert & Raphael DeNiro of the DeNiro Team. The seller was Steinway Street. The brokers involved in this transaction were Dustin Stolly and Jordy Roeschlaub of Newmark Knight Frank.
Note: Dustin and Jordan have been tapped for their expertise in facilitating this deal.
On the Map
$73,000,000
$152/SF
Development Site
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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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93