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146-13 Northern Boulevard

William Shao & Thomas Hu Acquire Development Site In Flushing For $9 Million From Leslee Hammer
SOLDDevelopment Site

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

Itanel Rahmani

Venture Capital Properties

Broker

$481.9M

vol

29 deals

Broker
William Shao

William Shao

Buyer

$83.3M

vol

8 deals

Buyer

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