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Jasper Wu Acquires Long Island City Development Site For $10.37M

Property Image
SOLD
$10,370,000
Cole Kinney Leonhardt
Michael Ferrara
JW

New York

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Development Site76,794 SF
Sold 11/07/2022
the dealplayerscompscontact
Property Image
SOLD

Jasper Wu Acquires Long Island City Development Site For $10.37M

23-17 41st Ave. Long Island City, NY 11101, USA & 23-17 41st Ave Queens, NY 11101, USA

See Similar Deals
Development Site76,794 SF
Sold 11/07/2022
Cole Kinney Leonhardt
Michael Ferrara
JW
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$135
Total Square Footage:76,794 SF
Transaction Type:Sale

The property involved in this transaction is a development site located at 23-17 41st Avenue in Long Island City. The property was an existing 2-story corner warehouse in shell condition. The sale price for the property was $10,370,000, with a building square footage of 40,080. The price per building square footage was $259.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $10,370,000
  • Address: 23-17 41st Avenue
  • Market: Long Island City
  • Buyer: Jasper Wu
  • Brokers: Michael Ferrara & Cole Kinney Leonhardt - Brax Realty
  • BSF: 40,080
  • PPBSF: $259

Michael Ferrara and Cole Kinney Leonhardt of Brax Realty represented the seller and also procured the purchaser in this off-market transaction.

Players

Michael Ferrara
Brax Realty
Michael Ferrara
28 deals$411.9M volume(646) 668-4803
BROKER
Cole Kinney Leonhardt
Brax Realty
Cole Kinney Leonhardt
7 deals$65.7M volume(612) 868-4498
BROKER
JW
ZD Jasper
Jasper Wu
21 deals$666M volume
BUYER

Details

SOLD
IMAGE: Michael Ferrara, Jasper Wu & Cole Kinney Leonhardt DATE: 11/07/2022 ADDRESS: 23-17 41st Avenue MARKET: Long Island City ASSET TYPE: Development Site BUYER: Jasper Wu BROKERS: Michael Ferrara & Cole Kinney Leonhardt (@ColeKinney88) - Brax Realty (@BraxRealtyNYC) SALE PRICE: $10,370,000 BSF: 40,080 ~ PPBSF: $259 NOTE FROM @BraxRealtyNYC: Michael Ferrara and Cole Kinney Leonhardt of Brax Realty represented the seller and also procured the purchaser in this off-market transaction. The property was an existing 2-story corner warehouse (shell condition) that will be developed.

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

$553,066.68

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$36,842.41
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,159.09
Annual Debt Service$589,909.09