Updated Dec 4, 2024
Hang Dong Zhang Acquires Development Site In Long Island City, Queens For $2.1M
21-47 44th Drive
$2,125,000
Building Size
—
Asset Type
Development Site
Closing
Jan 17, 2024
About this deal
AI
A development site located at 21-47 44th Drive in Long Island City, Queens has been sold for a total price of $2,125,000. The buyer of the property is Hang Dong Zhang, while the seller is Charles Sehayik. The property was represented by brokers Matthew Fotis and Lazarus Apostolidis from Marcus & Millichap. The development site has a total buildable square footage (BSF) of 8,000 and a price per square foot (PPSF) of $265.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,125,000
- Address: 21-47 44th Drive, Long Island City, Queens
- Market: Long Island City, Queens
- Buyer: Hang Dong Zhang
- Seller: Charles Sehayik
- Brokers: Matthew Fotis & Lazarus Apostolidis - Marcus & Millichap
- Total BSF: 8,000
- PPSF: $265
The sale of this development site was facilitated by brokers Matthew Fotis and Lazarus Apostolidis from Marcus & Millichap. Their expertise and negotiation skills played a crucial role in finalizing the transaction. Both the buyer, Hang Dong Zhang, and the seller, Charles Sehayik, trusted their representation throughout the deal.
On the Map
$2,125,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.46%
Cash-on-Cash
-2.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93