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Mayan Patel Acquires Development Site From Josephine Cervoni In Jamaica For $1.65M

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SOLD
$1,650,000

New York

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Development Site
Sold 02/07/2025
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SOLD

Mayan Patel Acquires Development Site From Josephine Cervoni In Jamaica For $1.65M

146 18 Waltham Street

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Development Site
Sold 02/07/2025
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

The development site located at 146-18 Waltham Street in Jamaica was sold for $1,650,000. This transaction involved a total building square footage of 16,554, resulting in a price per building square foot of $99. The price per building square foot for the usable area was calculated at $77.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $1,650,000
  • Address: 146-18 Waltham Street
  • Market: Jamaica
  • Building Square Feet: 16,554
  • Price per Building Square Foot: $99
  • Price per Building Square Foot (Usable Area): $77
  • Buyer: Mayan Patel
  • Seller: Josephine Cervoni
  • Brokers: Stephen R. Preuss Sr., Kevin Schmitz & Andrew LeoGrande - Ripco

Key individuals involved in the transaction include the buyer, Mayan Patel, and the seller, Josephine Cervoni. The brokerage firm Ripco represented the interests of both sides in this deal with brokers Stephen R. Preuss Sr., Kevin Schmitz, and Andrew LeoGrande facilitating the transaction.

Players

Stephen R. Preuss Sr.
259 deals$2B volume(718) 663-2639
BROKER

Kevin Schmitz
Ripco
112 deals$846.3M volume
BROKER

Andrew LeoGrande
Ripco
5 deals$16.7M volume(718) 704-1455
BROKER

Details

SOLD
IMAGE: Stephen R. Preuss Sr., Kevin Schmitz & Andrew LeoGrande DATE: 02/07/2025 ADDRESS: 146-18 Waltham Street MARKET: Jamaica ASSET TYPE: Development Site BUYER: Mayan Patel SELLER: Josephine Cervoni BROKERS: Stephen R. Preuss Sr. (@RipcoInvestmentSales), Kevin Schmitz (Kevin.Schmitz_CRE) & Andrew LeoGrande (@AndrewLeo40) - Ripco (@RipcoRealEstate) SALE PRICE: $1,650,000 BSF: 16,554 ~ PPBSF: $99 PPBSF(UAP): $77

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

$88,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$5,862.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,821.84
Annual Debt Service$93,862.10