Radson Development Acquires Development Site In Far Rockaway, Queens For $6M
SOLD
$6,000,000
New York
See Similar DealsDevelopment Site240,000 SF
Sold 07/26/2019
SOLD
Radson Development Acquires Development Site In Far Rockaway, Queens For $6M
19-38 Cornaga Ave, Far Rockaway, NY 11691, USA
See Similar DealsDevelopment Site240,000 SF
Sold 07/26/2019
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$25
Total Square Footage:240,000 SF
Transaction Type:Sale
A development site located at 19-38 Cornaga Ave and 10-18 Beach 20th St in Far Rockaway, Queens has been sold for a total price of $6,000,000. The property has a building square footage (BSF) of 240,000 and a price per BSF (PPBSF) of $25.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,000,000
- BSF: 240,000
- PPBSF: $25
- Address: 19-38 Cornaga Ave, 10-18 Beach 20th St, Far Rockaway, Queens
The sellers of the property were Abe Rosenthal, Morris Zakheim, and Haim Aharonoff. The buyer was Radson Development, represented by Daniel Rad. The broker, Steven Pollan from KSR, facilitated the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$319,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,316.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,443.06
Annual Debt Service$341,316.73
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