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ICross Fund Acquires Development Site In Long Island City For $10.25M

Property Image
SOLD
$10,250,000
Lily Guo
JM

New York

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Development Site16,150 SF
Sold 09/13/2018
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Property Image
SOLD

ICross Fund Acquires Development Site In Long Island City For $10.25M

28-8 38th Ave, Long Island City, NY 11101, USA

See Similar Deals
Development Site16,150 SF
Sold 09/13/2018
Lily Guo
JM
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$634
Total Square Footage:16,150 SF
Transaction Type:Sale

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.

Players

Lily Guo
Lily Guo
6 deals$244.9M volume
BUYER
JM
John McInerney
2 deals$16.4M volume
BUYER
iCross Capital
iCross Capital
LENDER

Details

SOLD
IMAGE: Jonathan Eshaghian and Jakub Nowak DATE: 09/13/2018 ADDRESS: 28-08 38th Avenue MARKET: Long Island City ASSET TYPE: Development Site SALE PRICE: $10,250,000 LOT SF: 12,932 SF: 16,150 BSF: 34,919 PBSF: $293 SELLER: The Munder Family, Jim Murnane & Barbara Riordan BUYER: iCross Fund – John McInerney & Lily Guo LISTING AGENTS: Jakub Nowak, […]

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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$36,416.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$48,590.23
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