Dai Ping Zheng Acquires Development Site In Long Island City For $4.5 Million
SOLD
$4,500,000
+ 1
New York
See Similar DealsDevelopment Site2,500 SF
Sold 02/12/2025
SOLD
Dai Ping Zheng Acquires Development Site In Long Island City For $4.5 Million
23 10 44th Drive
See Similar DealsDevelopment Site2,500 SF
Sold 02/12/2025
+ 1
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,800
Total Square Footage:2,500 SF
Transaction Type:Sale
The asset involved in this transaction is a development site located at 23-10 44th Drive in the Long Island City market. The sale price was $4,500,000, with a total square footage of 2,500, resulting in a price per square foot of $1,800.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,500,000
- Address: 23-10 44th Drive
- Market: Long Island City
- Square Footage: 2,500
- Price per Square Foot: $1,800
- Buyer: Dai Ping Zheng
- Seller: Rosenthal & Rosenthal
- Brokers: Erik Edeen, Patrick Madigan, Frederick Richter & Joseph Moran - Avison Young
This transaction involved Dai Ping Zheng as the buyer and Rosenthal & Rosenthal as the seller. The deal was facilitated by Erik Edeen, Patrick Madigan, Frederick Richter, and Joseph Moran from Avison Young, representing the respective parties in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$240,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,987.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,332.30
Annual Debt Service$255,987.55
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