Updated Sep 11, 2026
Witkoff & Birnbaum Families Sell Astoria Development Site For $11.1M With Broker Josh Goldflam - Highcap Group
31 West 34th Street, 7th Fl.
$11,100,000
Building Size
—
Asset Type
Development Site
Closing
Feb 24, 2023
About this deal
AI
The Witkoff & Birnbaum Families have sold a block-front development site located at 47-07 Broadway in Astoria, New York City. This sale marks the first transaction for the property in over 52 years of ownership. The development site spans 55,000 square feet and is available for future development.
Summary of transaction details
- Property Type: Development Site
- Sale Price: $11,100,000
- Address: 47-07 Broadway, Astoria
- Market: New York City
- Broker: Josh Goldflam - Highcap Group
The sale was facilitated by broker Josh Goldflam of Highcap Group. The Witkoff & Birnbaum Families entrusted Goldflam as their representative in this transaction, successfully closing the deal at a price of $11,100,000.
On the Map
$11,100,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.43%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93