Shorewood Real Estate Group Acquires Residential Development Site In Jamaica, Queens From Kassab Brothers For $20M
SOLD
$20,000,000
New York
See Similar DealsDevelopment Site205,725 SF
Sold 08/23/2018
SOLD
Shorewood Real Estate Group Acquires Residential Development Site In Jamaica, Queens From Kassab Brothers For $20M
160-05 Archer Ave, Jamaica, NY 11433, USA
See Similar DealsDevelopment Site205,725 SF
Sold 08/23/2018
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$97
Total Square Footage:205,725 SF
Transaction Type:Sale
The residential development site located at 160-05 Archer Ave and 92-25 160th Street in Jamaica, Queens, New York has been sold for a price of $20,000,000. This property has a building square footage (BSF) of 205,725 and a price per BSF (PPBSF) of $97. The seller of this property is the Kassab brothers, while the buyer is Shorewood Real Estate Group.
Summary of transaction details
- Property Type: residential development site
- Transaction Amount: $20,000,000
- Building Square Footage (BSF): 205,725
- Price per BSF (PPBSF): $97
- Seller: Kassab brothers
- Buyer: Shorewood Real Estate Group
The transaction was facilitated by S. Lawrence Davis, the CEO of Shorewood Real Estate Group.
Details
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30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$71,055.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$94,810.20
Annual Debt Service$1,137,722.44
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