Chris Xu Acquires Development Site In Flushing, Queens For $103M
131-01 39th Avenue, Queens, New York 11354, United States
$103,000,000
$155/SF
Building Size
663,678 SF
Asset Type
Development Site
Closing
Apr 17, 2022
AI
Located at 131-01 39th Ave, this development site in Flushing, Queens was recently sold in a closed transaction. The property spans 663,678 square feet and is classified as a Development Site. The sale took place on April 18, 2022.
Summary of transaction details:
- Property Type: Development Site
- Sale Price: $103,000,000
- BSF: 663,678
- PPBSF: $155
- Address: 131-01 39th Ave
- Market: Flushing, Queens
In this transaction, Chris Xu bought the property from Young Nian Group. The deal was facilitated by the brokers Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, Winfield Clifford, Bob Knakal, and Jonathan Hageman of JLL.
Players
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
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93