Updated Oct 29, 2024
Radson Development Acquires Development Site In Far Rockaway, Queens For $6M
19-38 Cornaga Ave, Far Rockaway, NY 11691, USA
$6,000,000
$25/SF
Building Size
240,000 SF
Asset Type
Development Site
Closing
Jul 25, 2019
About this deal
AI
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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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93