Updated Aug 27, 2025
Mike Ma Purchases Air Rights In Astoria From Norman Mirsky For $805,000
27 24 21st Street
$805,000
$47/SF
Building Size
16,900 SF
Asset Type
Development Site
Closing
Aug 14, 2025
About this deal
AI
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.
On the Map
$805,000
$47/SF
Development Site
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Astoria 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
19.71%
Cash-on-Cash
-5.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93