William Shao & Thomas Hu Acquire Development Site In Flushing For $9 Million From Leslee Hammer
146-13 Northern Boulevard
$9,000,000
$5,263/SF
Building Size
1,710 SF
Asset Type
Development Site
Closing
May 18, 2026
AI
The property involved in this transaction is a development site located at 146-13 Northern Boulevard in Flushing. The asset was sold for $9,000,000, with a total square footage of 28,753, resulting in a price per square foot of $313.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $9,000,000
- Address: 146-13 Northern Boulevard
- Market: Flushing
- Building Square Feet: 28,753
- Price Per Building Square Foot: $313
- Buyer: William Shao & Thomas Hu
- Seller: Leslee Hammer
- Broker: Yoel Rahmani & Itanel Rahmani - Venture Capital Properties
The buyers of the development site are William Shao and Thomas Hu, while the seller is Leslee Hammer. This transaction was facilitated by brokers Yoel Rahmani and Itanel Rahmani, who represent Venture Capital Properties.
Players
Flushing 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
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93