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
$10,370,000
$135/SF
Building Size
76,794 SF
Asset Type
Development Site
Closing
Nov 7, 2022
AI
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
Long Island City Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.53%
Cash-on-Cash
-0.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93