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Azimuth Development Group Acquires Development Site In Laurelton, Queens For $8.7M

Property Image
SOLD
$8,700,000

New York

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Development Site72,130 SF
Sold 08/10/2023
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Property Image
SOLD

Azimuth Development Group Acquires Development Site In Laurelton, Queens For $8.7M

134 11 221st St Queens, Ny 11413, Usa

See Similar Deals
Development Site72,130 SF
Sold 08/10/2023
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$120
Total Square Footage:72,130 SF
Transaction Type:Sale

The development site at 134-11 221st Street in Laurelton, Queens has been sold for $8.7 million. The property, acquired by Azimuth Development Group, operating as Bmad Merrick LLC, offers a total buildable area of 72,130 square feet with a price per buildable square foot of $121. Located in the Laurelton market, this development site presents a promising opportunity for future growth and investment.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $8,700,000
  • Buyer: Azimuth Development Group - Guido Subotovsky
  • Seller: Top Rock Holdings - Vyacheslav Chertov

Azimuth Development Group, represented by Guido Subotovsky, purchased the development building (V1) from Top Rock Holdings' entity, 221-06 Merrick Blvd Partners LLC. This acquisition showcases Azimuth Development Group's strategic investment in the Laurelton market, further expanding their real estate portfolio.

Players

GS
Guido Subotovsky
6 deals$66M volume
BUYER
TH
Top Rock Holdings
SELLER

Details

SOLD
IMAGE: 08/10/2023 ADDRESS: 134-11 221st Street MARKET: Laurelton, Queens ASSET TYPE: Development Site BUYER: Azimuth Development Group - Guido Subotovsky SELLER: Top Rock Holdings - Vyacheslav Chertov SALE PRICE: $8,700,000 BSF: 72,130 ~ PPBSF: $121 NOTE: Azimuth Development Group, operating as Bmad Merrick LLC, acquired the development building (V1) at 134-11 221st Street in Laurelton, Queens for $8.7 million from Top Rock Holdings' entity 221-06 Merrick Blvd Partners LLC.

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Deal Type
Operating Income
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$30,909.27
Cash-on-Cash Return-1.27%
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