NYC School Construction Authority Acquires Bayside Development Site For $11M
SOLD
$11,000,000
+ 1
New York
See Similar DealsDevelopment Site64,000 SF
Sold 01/25/2022
SOLD
NYC School Construction Authority Acquires Bayside Development Site For $11M
23-50 217th Street, Queens, New York 11360, United States
See Similar DealsDevelopment Site64,000 SF
Sold 01/25/2022
+ 1
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$171
Total Square Footage:64,000 SF
Transaction Type:Sale
The NYC School Construction Authority has acquired a development site located at 23-50 Waters Edge Drive in Bayside. The property spans 64,000 square feet and was sold by The Bork Family for a total price of $11,000,000, resulting in a price per buildable square foot (PPBSF) of $171.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $11,000,000
- Address: 23-50 Waters Edge Drive
- Market: Bayside
The NYC School Construction Authority was represented by Richard Eaddy and Joseph Byrnes, while Stephen R. Preuss Sr and Kevin Louie acted as the representatives for The Bork Family.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$586,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$39,080.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,145.61
Annual Debt Service$625,747.34
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