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Ridwan Kabir Acquires Development Site In Jamaica, Queens From Sinanis Family For $9.7M

Property Image
SOLD
$9,700,000
Michael Wuest
Brian Sarath
RK

New York

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Development Site
Sold 04/17/2022
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Property Image
SOLD

Ridwan Kabir Acquires Development Site In Jamaica, Queens From Sinanis Family For $9.7M

166 Hillside Avenue

See Similar Deals
Development Site
Sold 04/17/2022
Michael Wuest
Brian Sarath
RK
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

The development site located at 166-10 Hillside Avenue in Jamaica, Queens has been sold for a price of $9,700,000. The property is situated in a prime location in the market of Jamaica, Queens. The asset offers a total of 94,000 square feet of space, with a price per buildable square foot (PPBSF) of $103.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $9,700,000
  • Address: 166-10 Hillside Avenue
  • Market: Jamaica, Queens
  • BSF: 94,000 square feet
  • PPBSF: $103

The buyer of the property is Ridwan Kabir, while the seller is the Sinanis Family. The transaction was facilitated by brokers Brian Sarath and Michael Wuest from Cushman & Wakefield.

For further inquiries or to explore similar property purchase or sale opportunities, interested parties can contact Team Sarath at Brian Sarath's email [email protected] or phone number 718-215-1500.

Players

Brian Sarath
Cushman & Wakefield
Brian Sarath
10 deals$125.2M volume(516) 319-6315
BROKER
Michael Wuest
Cushman & Wakefield
Michael Wuest
2 deals$34.7M volume
BROKER
RK
Ridwan Kabir
3 deals$17.7M volume
BUYER

Details

SOLD
IMAGE: Brian Sarath & Michael Wuest DATE: 04/17/2022 ADDRESS: 166-10 Hillside Avenue MARKET: Jamaica, Queens ASSET TYPE: Development Site BUYER: Ridwan Kabir SELLER: Sinanis Family BROKERS: Brian Sarath (@SarathSellsQueens) & Michael Wuest - Cushman & Wakefield (@CushWake) SALE PRICE: $9,700,000 BSF: 94,000 ~ PPBSF: $103 NOTE FROM BROKERS: Please reach out to Team Sarath by email/phone/DM - [email protected] or 718-215-1500 with any questions or looking to purchase/sell similar property.

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

$517,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$34,462.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,982.95
Annual Debt Service$551,795.38