Updated Dec 4, 2024
Acquires Development Site In Astoria For $4.05M
28-08 21st Street & 28-10 21st Street
$4,050,000
Building Size
—
Asset Type
Development Site
Closing
Oct 25, 2023
About this deal
AI
Astoria's property market recently saw the sale of two adjacent development sites located at 28-08 & 28-10 21st Street. The properties, measuring 25' x 100' each, were successfully sold by their respective owners, Mike Saab and Jenny Sidiroglou, to . The transaction was facilitated by Alexandre Goulet of Landair Property Advisors. The combined sale price for both sites amounted to $4,050,000, representing a significant value increase for the sellers.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $4,050,000
- Address: 28-08 & 28-10 21st Street, Astoria
- Market: Astoria
Alexandre Goulet, representing Landair Property Advisors, played a pivotal role in orchestrating this transaction. Bringing together two separate owners to sell their sites to a single buyer not only streamlined the process but also resulted in increased value for both sellers. Goulet's expertise and negotiation skills were instrumental in ensuring a successful deal for all parties involved. For future collaboration and assistance with real estate transactions, you can contact Landair Property Advisors at (646) 559-4700.
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
3.92%
Cash-on-Cash
-1.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93