Updated Sep 24, 2025
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
About this deal
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:
- Property Type: Development Site
- Transaction Amount: $1,970,000
- Square Footage: 2,642
- Price per Square Foot: $745
- Buyer: Qiang Chen
- Seller: Mariano Gonzalez
- Brokers: Angela Kontis & Richard Bonagura - Realty Executives
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.
On the Map
$1,970,000
$745/SF
Development Site
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Players
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