Updated Jul 30, 2026
SOLDDevelopment Site
The Schwimmer Family Purchases Development Site From Pinto Family In Astoria For $12M
34 10 38th Street
$12,000,000
$1,103/SF
Building Size
10,871 SF
Asset Type
Development Site
Closing
May 21, 2025
About this deal
AI
A development site located at 34-10 38th Street in Astoria has been sold for $12,000,000. The property has a buildable square footage (BSF) of 60,746, resulting in a price per buildable square foot (PPBSF) of $197. The site has an overall square footage (SF) of 10,871, equating to a price per square foot (PPSF) of $1,103.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,000,000
- Address: 34-10 38th Street
- Market: Astoria
- Buildable Square Footage: 60,746
- Price per Buildable Square Foot: $197
- Square Footage: 10,871
- Price per Square Foot: $1,103
- Buyer: The Schwimmer Family
- Seller: Pinto Family
- Broker Representatives: Anand Melwani & Dean Abouelhassan - Landair Property Advisors
The deal was facilitated by brokers Anand Melwani and Dean Abouelhassan, who represent Landair Property Advisors. A notable aspect of the property is its designation as a mandatory Inclusionary Housing development site in the South Astoria / Dutch Kills neighborhood of Queens, where the purchaser plans to construct a 63,880 square foot residential building comprising 89 apartments.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93