Updated May 12, 2025
Neel Dvivedi Acquires Development Site In Astoria For $2.4M
31-49 12th Street
$2,400,000
Building Size
—
Asset Type
Development Site
Closing
Sep 9, 2022
About this deal
AI
The development site located at 31-49 12th St. in the Astoria market was sold for a total of $2,400,000. The property encompasses a buildable square footage (BSF) of 11,745, resulting in a price per buildable square foot (PPBSF) of $204.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,400,000
- Address: 31-49 12th St.
- Market: Astoria
- Buildable Square Footage: 11,745
- Price Per Buildable Square Foot: $204
- Buyer: Neel Dvivedi
- Seller: Tobias Sienel
- Broker: Evan Daniel - Modern Spaces
Neel Dvivedi acted as the buyer in this transaction, while Tobias Sienel was the seller. The deal was brokered by Evan Daniel representing Modern Spaces, facilitating the exchange between the two parties.
On the Map
$2,400,000
Development Site
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Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93