Kai Wang Acquires Development Site In Astoria From Vito Pascullo & Pema Kongpo For $5.75M
30-90 Crescent Street & 30-88 Crescent Street
$5,750,000
$1,655/SF
Building Size
2,034 SF
Asset Type
Development Site
Closing
Aug 4, 2026
AI
The property asset involved in this transaction is a development site located at 30-90 Crescent Street & 30-88 Crescent Street in the Astoria market. The sale price of the site was $5,750,000, encompassing a buildable square footage of 32,250, with a base square footage of 24,125 and a price per base square foot of $238. The site also includes a total square footage of 3,474, with a price per square foot of $1,655.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,750,000
- Buyer: Kai Wang
- Seller: Vito Pascullo & Pema Kongpo
- Broker: Dean Abouelhassan - Landair Advisors
- Buildable Square Feet: 32,250
- Base Square Feet: 24,125
- Price per Base Square Foot: $238
- Total Square Feet: 3,474
- Price per Square Foot: $1,655
Dean Abouelhassan of Landair Advisors represented the seller in this successful transaction, noting that Landair Advisors managed to close this three-parcel assemblage where other brokers could not.
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
2.76%
Cash-on-Cash
-0.79%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93