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11 27 31st Drive

Qiang Chen Purchases Development Site From Mariano Gonzalez In Astoria For $1.97M
SOLDDevelopment Site

Qiang Chen Purchases Development Site From Mariano Gonzalez In Astoria For $1.97M

11 27 31st Drive

$1,970,000

$745/SF

Building Size

2,642 SF

Asset Type

Development Site

Closing

Sep 4, 2025

AI

The property involved in this transaction is a development site located at 11-27 31st Drive in Astoria. The sale price for the asset stands at $1,970,000, encompassing a total square footage of 2,642, which equates to a price per square foot of $745.

Summary of transaction details:

In this transaction, Qiang Chen acted as the buyer, while Mariano Gonzalez was the seller. The deal was facilitated by brokers Angela Kontis and Richard Bonagura from Realty Executives, representing the interests of the respective parties in the transaction.

Players

Angela Kontis

Realty Executives

Broker

$11.8M

vol

5 deals

Broker
Realty Executives
Realty ExecutivesBrokerage

Astoria 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

8.05%

Cash-on-Cash

-2.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93