Updated Jul 2, 2026
SOLDDevelopment Site
ICross Fund Acquires Development Site In Long Island City For $10.25M
28-8 38th Ave, Long Island City, NY 11101, USA
$10,250,000
$634/SF
Building Size
16,150 SF
Asset Type
Development Site
Closing
Sep 12, 2018
About this deal
AI
A development site located at 28-08 38th Avenue in Long Island City has been sold for a price of $10,250,000. The site spans 12,932 square feet and has a buildable square footage of 34,919. The sale price per buildable square foot is $293. The property was listed on the market, highlighting its potential for development.
Summary of transation details
- Property Type: Development Site
- Sale Price: $10,250,000
- Lot Size: 12,932 square feet
- Buildable Square Footage: 34,919
- Price per Buildable Square Foot: $293
- Address: 28-08 38th Avenue, Long Island City
- Market: Long Island City
The sellers of the property were The Munder Family, Jim Murnane, and Barbara Riordan. The buyers, iCross Fund represented by John McInerney and Lily Guo, successfully acquired the site. The listing agents for the property were Jakub Nowak and Jonathan Eshaghian.
On the Map
$10,250,000
$634/SF
Development Site
View full map
Players
iCross CapitalLender
Long Island City 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
1.55%
Cash-on-Cash
-0.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93