Updated Oct 2, 2026
TEK Realty Advisors Represents Sale Of Development Site At 23-48 & 23-50 31st Drive For $4.575M
23-48 31st Drive & 23-50 31st Drive
$4,575,000
$2,042/SF
Building Size
2,240 SF
Asset Type
Development Site
Closing
Sep 18, 2026
About this deal
AI
This transaction involves the sale of a development site located at 23-48 31st Drive and 23-50 31st Drive in Astoria, NY. The asset was sold for $4,575,000, which translates to $254 per buildable square foot, encompassing a total square footage of 18,000. The market in which this property is situated is Astoria.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,575,000
- Square Feet: 18,000
- Price Per Square Foot: $254
- Address: 23-48 31st Drive & 23-50 31st Drive
- Market: Astoria
- Brokers: Theo Kontis & Vincenzo Amato - TEK Realty Advisors
The transaction was facilitated by brokers Theo Kontis and Vincenzo Amato, representing the ownership. They served as the sole brokers involved in the deal, ensuring the successful sale of the property. A note from the brokers mentions available comparable development sites for potential buyers in the Astoria area.
On the Map
$4,575,000
$2,042/SF
Development Site
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Players
Astoria 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
3.47%
Cash-on-Cash
-0.99%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93