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Bell Realty Acquires Astoria Development Site For $3.2M

Property Image
SOLD
$3,200,000
Anand Melwani

New York

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Development Site11,276 SF
Sold 03/17/2020
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Property Image
SOLD

Bell Realty Acquires Astoria Development Site For $3.2M

25-64 32nd St, Astoria, NY 11102, USA

See Similar Deals
Development Site11,276 SF
Sold 03/17/2020
Anand Melwani
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$283
Total Square Footage:11,276 SF
Transaction Type:Sale

An off-market deal for a development site in Astoria has been closed. The property, located at 31-17 28th Avenue (25-64 32nd Street), was sold for a price of $3,200,000. The seller, Carmela Biondo, and the buyer, Bell Realty represented by Eric Belanich, completed the transaction with the assistance of brokers Alexandre Goulet and Anand Melwani from @ARMRealEstateNYC.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $3,200,000
  • Asking Price: $3,300,000
  • BSF: 11,276
  • PPBSF: $283

This off-market deal involved the sale of a development site in Astoria. The property, with a total square footage of 11,276, was initially listed for $3,300,000 but was ultimately sold for $3,200,000. Carmela Biondo acted as the seller, while Bell Realty, represented by Eric Belanich, served as the buyer in the transaction. Brokers Alexandre Goulet and Anand Melwani from @ARMRealEstateNYC assisted both parties in successfully closing the deal.

Players

Alexandre (Alex) Goulet
44 deals$161.2M volume
BROKER

Anand Melwani
Landair Advisors
41 deals$168.7M volume(516) 658-1222
BROKER

Arm Real Estate Group
BROKERAGE

Details

SOLD
IMAGE: Anand Melwani & Alexandre Goulet DATE: 03/17/2020 ADDRESS: 31-17 28th Avenue (25-64 32nd Street) MARKET: Astoria ASSET TYPE: Development Site SELLER: Carmela Biondo BUYER: Bell Realty – Eric Belanich BROKER: Alexandre Goulet & Anand Melwani – @ARMRealEstateNYC ASKING PRICE: $3,300,000 SALE PRICE: $3,200,000 BSF: 11,276 PPBSF: $283 NOTE: This was an off-market deal and […]

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

$170,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,368.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,169.63
Annual Debt Service$182,035.59