Little J. Acquisition LLC Acquires Development Site In Long Island City For $40M
24-02 Queens Plaza S, Long Island City, NY 11101, USA
$40,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 16, 2020
AI
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
New York 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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93