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School Construction Authority Acquires Development Site In Richmond Hill, Queens For $18M

Property Image
SOLD
$18,000,000
Richard Eaddy
Ira Schuman
Adelaide Polsinelli
+ 2

New York

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Development Site82,000 SF
Sold 10/16/2023
the dealplayerscompscontact
Property Image
SOLD

School Construction Authority Acquires Development Site In Richmond Hill, Queens For $18M

120-08 Jamaica Avenue & 120-20 Jamaica Avenue

See Similar Deals
Development Site82,000 SF
Sold 10/16/2023
Richard Eaddy
Ira Schuman
Adelaide Polsinelli
+ 2
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$219
Total Square Footage:82,000 SF
Transaction Type:Sale

A development site located at 120-08 & 120-20 Jamaica Avenue in Richmond Hill, Queens, has been sold for $18,000,000. The property spans 41,000 square feet, resulting in a price per square foot of $439.

Summary of Transaction Details:

  • Property Type: Development Site
  • Transaction Amount: $18,000,000
  • Square Footage: 41,000
  • Price Per Square Foot: $439
  • Address: 120-08 & 120-20 Jamaica Avenue, Richmond Hill, Queens
  • Market: Richmond Hill, Queens

The buyer of the property is the School Construction Authority, while the seller is the Beige Family. The buyer was represented by Richard Eaddy, Joseph Byrnes Savills, and Ira Schuman of Savills. On the other hand, the seller was represented by Adelaide Polsinelli and Michael Cardillo of Compass.

Players

Adelaide Polsinelli
Compass
Adelaide Polsinelli
26 deals$285M volume(773) 350-8535
BROKER
Ira Schuman
Savills
Ira Schuman
9 deals$78.7M volume
BROKER
Richard Eaddy
Savills
Richard Eaddy
3 deals$79M volume
BROKER
Joseph Byrnes
Savills
Joseph Byrnes
7 deals$80.5M volume
BROKER
Michael Cardillo
Compass
Michael Cardillo
4 deals$36.1M volume(917) 837-4681
BROKER
NA
NYC School Construction Authority
BUYER

Details

SOLD
IMAGE: Richard Eaddy, Michael Cardillo, Adelaide Polsinelli, Ira Schuman & Joseph Byrnes Savills DATE: 10/16/2023 ADDRESS: 120-08 & 120-20 Jamaica Avenue MARKET: Richmond Hill, Queens ASSET TYPE: Development Site BUYER: School Construction Authority SELLER: Beige Family BUYER'S REP: Richard Eaddy & Joseph Byrnes Savills & Ira Schuman - Savills (Savills) SELLER'S REP: Adelaide Polsinelli (@Adelaide_Polsinelli) & Michael Cardillo - Compass (@Compass) SALE PRICE: $18,000,000 SF: 41,000 ~ PPSF: $439

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
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