Phillips International Acquires Development Site In Forest Hills, Queens For $8.75M
107-17 71st Ave, Flushing, NY 11375, USA
$8,750,000
$33/SF
Building Size
260,000 SF
Asset Type
Development Site
Closing
Dec 16, 2019
AI
A development site located at 107-17 71st Avenue in Forest Hills, Queens has been sold for a price of $8,750,000. The property, owned by R&E Property Corp. and represented by Dick Wender, was purchased by Phillips International, with Michael Robbins as the buyer. The sale was facilitated by Thomas A. Donovan of B6 Real Estate Advisors. The development site spans 26,000 square feet and has a price per buildable square foot (PPBSF) of $336.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,750,000
- Address: 107-17 71st Avenue, Forest Hills, Queens
- Market: Forest Hills, Queens
- BSF: 26,000
- PPBSF: $336
The buyer, Phillips International led by Michael Robbins, successfully acquired the development site from R&E Property Corp. The transaction was overseen by Thomas A. Donovan of B6 Real Estate Advisors, who served as the seller's representative. This sale represents a notable development opportunity in the Forest Hills market.
Players
Forest Hills Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.81%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93