Updated Dec 4, 2024
Haimo Zhong Acquires Development Site In Jamaica, Queens For $4.6M
149-21 Archer Avenue
$4,600,000
Building Size
—
Asset Type
Development Site
Closing
Jan 3, 2024
About this deal
AI
Acquired for $4.6 million, a development site located at 149-21 Archer Avenue in Jamaica, Queens, changed ownership in a recent transaction. The buyer, Haimo Zhong, operating through the entity 1010 Archer Ave LLC, purchased the property from Hector Florimon's F&P Development Corp.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,608,000
- Address: 149-21 Archer Avenue
- Market: Jamaica, Queens
- Buyer: Haimo Zhong
- Seller: Hector Florimon
- BSF: 4,827
- PPBSF: $955
Hector Florimon's F&P Development Corp sold the development site to Haimo Zhong, who made the purchase through the entity 1010 Archer Ave LLC, for an amount totaling $4.6 million. The transfer of ownership signifies a significant deal in the development site market of Jamaica, Queens.
Players
Jamaica 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
3.45%
Cash-on-Cash
-0.99%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93