NestingGroup Acquires Dev. Site In Queens For $1.4M
SOLD
$1,900,000
New York
See Similar DealsDevelopment Site1,900 SF
Sold 04/09/2021
SOLD
NestingGroup Acquires Dev. Site In Queens For $1.4M
1447 Broadway, Queens, NY, USA
See Similar DealsDevelopment Site1,900 SF
Sold 04/09/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,000
Total Square Footage:1,900 SF
Transaction Type:Sale
The development site located at 1447 Broadway in Queens has been sold. The site is zoned for R7A, R5B, and C2-3. The property was listed for sale with an asking price of $1,900,000 and was ultimately sold for $1,400,000. The building has a total square footage of 13,600, resulting in a price per square foot of $102.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $1,400,000
- Address: 1447 Broadway, Queens
- Zoning: R7A, R5B, C2-3
- Asking Price: $1,900,000
- Total Square Footage: 13,600
- Price per Square Foot: $102
The buyer of the property is the Nesting Group. The sale was facilitated by Prashant (Shawn) Patel of Instagram.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$101,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$6,750.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,006.97
Annual Debt Service$108,083.63
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