Updated Sep 5, 2024
Lin Zhong Acquires Development Site In Astoria, Queens For $25M
30-55 Vernon Blvd
$25,000,000
$274/SF
Building Size
91,000 SF
Asset Type
Development Site
Closing
Aug 25, 2022
About this deal
AI
The development site located at 30-55 Vernon Blvd. in Astoria, Queens has been sold in a speed post sale transaction. The property has a buildable square footage of 91,000 and was sold for a total price of $25,000,000, which translates to approximately $275 per buildable square foot.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $25,000,000
- Buildable Square Footage: 91,000
- Price per Buildable Square Foot: $275
- Address: 30-55 Vernon Blvd., Astoria, Queens
The buyer of the development site was Lin Zhong, while the seller was Jing Au. Representing the seller in this transaction were Stephen R. Preuss Sr., Andreas Efthymiou, Kevin Louie, and Kevin Schmitz from Ripco Investment Sales.
Players
New York 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
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93