Updated Sep 5, 2024
Sunil Multani Acquires Development Site On Archer Ave. In Jamaica, Queens For $1.135M
148-12 Archer Avenue
$1,135,000
$81/SF
Building Size
14,000 SF
Asset Type
Development Site
Closing
Sep 15, 2022
About this deal
AI
A development site located at 148-12 Archer Ave in Jamaica, Queens has been sold in a recent transaction. The property, situated in a prime market location, was acquired by Sunil Multani from the seller, Steve Smith, for a sale price of $1,135,000. The site boasts a total square footage of 14,000, resulting in a price per square foot of $81.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $1,135,000
- BSF: 14,000
- PPBSF: $81
- Address: 148-12 Archer Ave
- Market: Jamaica, Queens
The sale of this development site was facilitated by Stephen R. Preuss Sr., Kevin Schmitz, Kevin Louie, and Andreas Efthymiou from Ripco Investment Sales. Their role as brokers in the transaction ensured a successful deal for both the buyer and the seller.
On the Map
$1,135,000
$81/SF
Development Site
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Players
Queens 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
13.98%
Cash-on-Cash
-3.99%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93