Updated Dec 20, 2023
Katz Family Acquires Development Site In Astoria, Queens For $7.725M
2618 3rd Street, Queens, New York 11102, United States
$7,725,000
$222/SF
Building Size
34,751 SF
Asset Type
Development Site
Closing
Feb 6, 2022
About this deal
AI
The development site located at 2618-2612 Third Street in Astoria, Queens has been sold in a recent transaction. The property, spanning 34,751 square feet, was acquired by the Katz Family from the Mathioudakis Family. Shaun Riney and Sean Fopeano of NYM Group represented the buyer, while Marcus & Millichap advised the seller. The sale price for the site was $7,725,000, with a price per buildable square foot (PPBSF) of $222.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $7,725,000
- Buyer: Katz Family
- Seller: Mathioudakis Family
- Brokers: Shaun Riney & Sean Fopeano (NYM Group) - Marcus & Millichap
- Address: 2618-2612 Third Street, Astoria, Queens
- Market: Astoria, Queens
- BSF: 34,751
- PPBSF: $222
The transaction was facilitated by Shaun Riney and Sean Fopeano from NYM Group, representing the buyer, and Marcus & Millichap, advising the seller. This deal marks the transfer of ownership for the development site at 2618-2612 Third Street in Astoria, Queens, adding to the Katz Family's portfolio in the area.
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
2.05%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93