Updated Oct 29, 2024
NestingGroup Acquires Dev. Site In Queens For $1.4M
1447 Broadway, Queens, NY, USA
$1,900,000
$1,000/SF
Building Size
1,900 SF
Asset Type
Development Site
Closing
Apr 8, 2021
About this deal
AI
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.
Players
New York 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
8.35%
Cash-on-Cash
-2.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93