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Haneel Darnut Acquires Development Site In Queens For $1.2M

Property Image
SOLD
$1,237,500
Kevin Schmitz
Kevin Louie
+ 2

New York

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Development Site
Sold 11/14/2023
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Property Image
SOLD

Haneel Darnut Acquires Development Site In Queens For $1.2M

23-12 30th Avenue

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Development Site
Sold 11/14/2023
Kevin Schmitz
Kevin Louie
+ 2
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

A development site located at 23-12 30th Avenue in Queens has been sold in a closed transaction. The sale took place on November 14, 2023. The property was purchased by Haneel Darnut from the seller Ahn Glenn. The transaction was facilitated by brokers Stephen R. Preuss Sr., Andreas Efthymiou, Christian Allimonos, Kevin Schmitz, and Kevin Louie from Ripco. The sale price for the development site was $1,237,500, with a price per buildable square foot (PPBSF) of $157.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $1,237,500

Stephen R. Preuss Sr., Andreas Efthymiou, Christian Allimonos, Kevin Schmitz, and Kevin Louie from Ripco represented the buyer and seller in this transaction. They played a crucial role in facilitating the deal between Haneel Darnut and Ahn Glenn for the development site at 23-12 30th Avenue in Queens. The involvement of these brokers highlights their expertise in the real estate market and their ability to successfully close this transaction.

Players

Kevin Louie
125 deals$1B volume(718) 663-2642
BROKER

Andreas Efthymiou
Ripco
128 deals$1.1B volume
BROKER

Stephen R. Preuss Sr.
Ripco
258 deals$2B volume(718) 663-2639
BROKER

Kevin Schmitz
Ripco
112 deals$846.3M volume
BROKER

Christian Allimonos
Ripco
19 deals$143M volume
BROKER

Details

SOLD
IMAGE: Stephen R. Preuss Sr., Andreas Efthymiou, Christian Allimonos, Kevin Schmitz & Kevin Louie DATE: 11/14/2023 ADDRESS: 23-12 30th Avenue MARKET: Queens ASSET TYPE: Development Site BUYER: Haneel Darnut SELLER: Ahn Glenn BROKERS: Stephen R. Preuss Sr. (@RipcoInvestmentsales), Andreas Efthymiou (@Andreas.E_Investment_Sales), Christian Allimonos (@Christian.Allimonos_CRE), Kevin Schmitz (@Kevin.Schmitz_cre) & Kevin Louie (@Kevin.Louie_investment_sales) - Ripco (@RipcoRealEstate) SALE PRICE: $1,237,500 PPBSF: $157

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$66,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,396.58
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,866.38
Annual Debt Service$70,396.58