Hongwei Zheng Acquires Development Site In Astoria, Queens For $3.75M
SOLD
$3,750,000
New York
See Similar DealsDevelopment Site3,940 SF
Sold 06/07/2024
SOLD
Hongwei Zheng Acquires Development Site In Astoria, Queens For $3.75M
30-71 29th Street
See Similar DealsDevelopment Site3,940 SF
Sold 06/07/2024
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$951
Total Square Footage:3,940 SF
Transaction Type:Sale
The property involved in the transaction is a Development Site located at 30-71 29th Street in Astoria, Queens. The sale price for this asset was $3,750,000. It spans a total of 3,940 square feet with a price per square foot of $952. The building size is 14,103 square feet, equating to a price per building square foot of $266.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,750,000
- Buyer: Hongwei Zheng
- Seller: Trust of Walter Besser
- Brokers: Angela Kontis & Richard Bonagura
The deal's key individuals and companies include Angela Kontis and Richard Bonagura as the brokers facilitating the transaction.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$199,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$13,322.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$17,776.91
Annual Debt Service$213,322.96
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