Mike Ma Purchases Air Rights In Astoria From Norman Mirsky For $805,000
SOLD
$805,000
New York
See Similar DealsDevelopment Site16,900 SF
Sold 08/15/2025
SOLD
Mike Ma Purchases Air Rights In Astoria From Norman Mirsky For $805,000
27 24 21st Street
See Similar DealsDevelopment Site16,900 SF
Sold 08/15/2025
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$47
Total Square Footage:16,900 SF
Transaction Type:Sale
An air rights transaction took place for the property located at 27-24 21st Street in the Astoria market. The sale price was $805,000, with a buildable square footage (BSF) of 8,350 and a price per buildable square foot (PPBSF) of $96.
Summary of transaction details:
- Property Type: Air Rights
- Transaction Amount: $805,000
- Buyer: Mike Ma
- Seller: Norman Mirsky
- Broker: Rodney Nassimian - Highcap Group
- BSF: 8,350
- PPBSF: $96
Rodney Nassimian represented both the seller and buyer in this transaction. Notably, over 8,000 square feet of air rights were acquired to enhance the development at the neighboring properties located at 27-28 & 27-30 21st Street, resulting in a future development of over 33,350 buildable square feet with 14 floors and 50 units.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$42,933.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,860.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,816.11
Annual Debt Service$45,793.33
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