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119-17 Union Turnpike

Sergey Rybak & Natalia Sorkin Acquire Development Site In Queens For $19.9M
SOLDDevelopment Site

Sergey Rybak & Natalia Sorkin Acquire Development Site In Queens For $19.9M

119-17 Union Turnpike

$19,865,703

$134/SF

Building Size

147,500 SF

Asset Type

Development Site

Closing

Jun 30, 2022

AI

A development site located at 119-17 Union Tpke in Queens has been sold for a price of $19,865,703. The property is a development site, offering potential for future construction projects. The site features a building square footage of 147,500 and a price per square footage of $135.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $19,865,703
  • Building Square Footage: 147,500
  • Price Per Square Foot: $135
  • Address: 119-17 Union Tpke
  • Market: Queens

Sergey Rybak and Natalia Sorkin have purchased the development site at 119-17 Union Tpke. The deal was facilitated by their brokers, Guthrie Garvin, Brendan Maddigan, Jack Norton, and Michael Mazzara.

Players

Brendan Maddigan

JLL

Broker

$4.7B

vol

127 deals

Broker

Natalia Sorkin

Rybak Development

Buyer

$41.8M

vol

2 deals

Buyer

New York Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.80%

Cash-on-Cash

-0.23%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93