Ciampa Organization Acquires Development Site In Jamaica Estates, Queens For $5.2M
SOLD
$5,180,850
New York
See Similar DealsDevelopment Site
Sold 01/19/2023
SOLD
Ciampa Organization Acquires Development Site In Jamaica Estates, Queens For $5.2M
183-03 Hillside Avenue
See Similar DealsDevelopment Site
Sold 01/19/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
183-03 Hillside Avenue, a development site located in Jamaica Estates, Queens, has been sold in a recent transaction. The property, represented by Michael D. Morici Jr, features a total of 46 units with an average price per unit of $112,627. The sale was facilitated by the Ciampa Organization, with Michael P. Grey acting as the seller.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,180,850
- Units: 46
- Price Per Unit: $112,627
- Buyer: Ciampa Organization - Michael D. Morici Jr
- Seller: Michael P. Grey
The Ciampa Organization, represented by Michael D. Morici Jr, successfully acquired the development site at 183-03 Hillside Avenue in Jamaica Estates, Queens, for a total price of $5,180,850. The site features 46 units, with each unit valued at an average of $112,627. The seller, Michael P. Grey, facilitated the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$276,312.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$18,406.47
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,559.87
Annual Debt Service$294,718.47
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