Little J. Acquisition LLC Acquires Development Site In Long Island City For $40M
SOLD
$40,000,000
+ 5
New York
See Similar DealsDevelopment Site
Sold 09/17/2020
SOLD
Little J. Acquisition LLC Acquires Development Site In Long Island City For $40M
24-02 Queens Plaza S, Long Island City, NY 11101, USA
See Similar DealsDevelopment Site
Sold 09/17/2020
+ 5
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
A development site located at 24-02 Queens Plaza South in Long Island City has been sold in a closed transaction. The property is zoned as M1-5/R9 and is identified as a development site. The transaction took place on September 17, 2020.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $40,000,000
- Address: 24-02 Queens Plaza South
- Market: Long Island City
- Zoning: M1-5/R9
The buyer, Little J. Acquisition LLC, represented by Joshua Zinns, acquired the property from the seller, Atlas Capital Group, represented by Jeff Goldberger. The transaction was facilitated by brokers Brian Ezratty, Scott Ellard, and Bill Harvey from NKF.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
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