Alex LaMartina & Lin Chui Acquire Development Site In Astoria For $3.7M

Anand Melwani & Alexandre Goulet represented the sellers, Ronald Dellapina, in the sale of a development site located at 23-42 31st Drive in Astoria. The property, which has a zoning of R6B and a floor area ratio (FAR) of 2, offers potential for development. The transaction closed on 03/10/2020, with a sale price of $3,700,000, below the initial asking price of $4,000,000. The buyer, Alex LaMartina & Lin Chui, signed a non-contingent hard contract and closed the deal with an all-cash payment within 30 days. The lot size measures 50 ft x 151 ft, providing ample space for future development.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $3,700,000
• Address: 23-42 31st Drive, Astoria
• Market: Astoria
• Asset Type: Development Site
• Zoning: R6B
• FAR: 2
• Seller: Ronald Dellapina
• Buyer: Alex LaMartina & Lin Chui
• Seller's Representative: Anand Melwani & Alexandre Goulet
• Buyer's Representative: Nick Flaveris & Andy Malo
• Asking Price: $4,000,000
• BSF: 15,100
• PPBSF: $245
• Lot Size: 50 ft x 151 ft

The transaction involved Anand Melwani & Alexandre Goulet serving as the seller's representatives, while Nick Flaveris & Andy Malo acted as the buyer's representatives. The buyer, Alex LaMartina & Lin Chui, successfully closed the deal with a below asking price offer. The signed non-contingent hard contract and the all-cash payment within 30 days reflect the buyer's commitment to the purchase.