Witkoff & Birnbaum Families Sell Astoria Development Site For $11.1M With Broker Josh Goldflam - Highcap Group
SOLD
$11,100,000
New York
See Similar DealsDevelopment Site
Sold 02/24/2023
SOLD
Witkoff & Birnbaum Families Sell Astoria Development Site For $11.1M With Broker Josh Goldflam - Highcap Group
31 West 34th Street, 7th Fl.
See Similar DealsDevelopment Site
Sold 02/24/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$592,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$39,435.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,619.66
Annual Debt Service$631,435.96
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