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EZ Property Holdings LLC Buys Development Site In Jackson Heights For $23M

Property Image
SOLD
$23,000,000
Stephen R. Preuss Sr.
Stephen Palmese

New York

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Development Site22,663 SF
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Property Image
SOLD

EZ Property Holdings LLC Buys Development Site In Jackson Heights For $23M

14157 Northern BLVD, Queens, NY, 11...

See Similar Deals
Development Site22,663 SF
Stephen R. Preuss Sr.
Stephen Palmese
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,014
Total Square Footage:22,663 SF
Transaction Type:Sale

The corner development site located at 141-57 Northern Blvd in Flushing, Queens, NY has been sold for $23 million. The site spans across 22,663 square feet and permits up to 67,989 square feet of mixed-use development. The property currently hosts a 14,200-square-foot building, housing a commercial tenant and Bank of America.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $23,000,000.00
  • Address: 14157 Northern BLVD, Queens, NY
  • Market: Jackson Heights
  • Seller's Rep: Stephen Palmese(JLL), Stephen R. Preuss Sr.(Ripco)
  • Buyer: EZ Property Holdings LLC
  • SF: 22663

EZ Property Holdings LLC acquired the site from 141-57 Northern Boulevard Inc. Cushman & Wakefield brokers, Stephen Preuss and Stephen Palmese, represented the seller in the transaction.

Players

Stephen R. Preuss Sr.
Ripco
Stephen R. Preuss Sr.
259 deals$2B volume(718) 663-2639
BROKER
Stephen Palmese
JLL
Stephen Palmese
84 deals$3.3B volume(212) 376-1228
BROKER

Details

SOLD
IMAGE: 14157 Northern BLVD, Queens, NY, 11... MARKET: Jackson Heights ASSET TYPE: Development Site SELLER'S REP: Stephen Palmese(JLL), Stephen R. Preuss Sr.(Ripco) BUYER: EZ Property Holdings LLC PRICE: $23,000,000.00 SF: 22663

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,226,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$81,714.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,031.73
Annual Debt Service$1,308,380.81