Updated Oct 19, 2026
Blue Mountain Capital LLC Acquires Residential Development Site In Astoria For $8.2M
11-35 31st Dr, Queens, NY 11106, USA
$8,200,000
$241/SF
Building Size
33,982 SF
Asset Type
Development Site
Closing
Nov 28, 2020
About this deal
AI
An $8,200,000 residential development site located at 11-35 31st Drive in Astoria, Queens, New York has been sold. The property spans 33,982 square feet and has a price per buildable square foot (PPBSF) of $241. The seller, Kenneth Trading Corp. (The Blumenthal Family), sold the property to the buyer, Blue Mountain Capital LLC (Caixai Zhang).
Summary of transaction details:
- Property Type: Residential Development Site
- Transaction Amount: $8,200,000
- Address: 11-35 31st Drive, Astoria
- City: New York
- Market: Queens
- Total Buildable Square Footage (BSF): 33,982 sf
- Price Per Buildable Square Foot (PPBSF): $241
The deal was facilitated by brokers Stephen R. Preuss & Andreas Efthymiou of Cushman [...].
On the Map
$8,200,000
$241/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.93%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93