Azimuth Development Group Acquires Development Site In Laurelton, Queens For $8.7M
134 11 221st St Queens, Ny 11413, Usa
$8,700,000
$120/SF
Building Size
72,130 SF
Asset Type
Development Site
Closing
Aug 10, 2023
AI
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.
Street Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.82%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93