Nelson Leong Acquires Development Site In Long Island City, Queens For $3.3M
34-29 37th Street, Queens, NY, USA
$3,300,000
$183/SF
Building Size
18,000 SF
Asset Type
Development Site
Closing
Dec 28, 2020
AI
Located in Long Island City, Queens, a development site at 34-29 37th Street was recently sold in a closed transaction. The sale took place on December 29, 2020. The property is zoned as R6A, making it an ideal development opportunity.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $3,300,000
- Address: 34-29 37th Street, Long Island City, Queens
- Market: Long Island City, Queens
- Buyer: Nelson Leong
- Seller: Paul Zaharia
- Brokers: Stephen R. Preuss & Andreas Efthymiou - Cushman & Wakefield
- BSF (Buildable Square Footage): 18,000
- PPBSF (Price Per Buildable Square Foot): $183
Leading the transaction were brokers Stephen R. Preuss and Andreas Efthymiou from Cushman & Wakefield. They represented the buyer and seller, Nelson Leong and Paul Zaharia, respectively. The deal for this development site showcases the expertise and services of Cushman & Wakefield in the real estate market.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.81%
Cash-on-Cash
-1.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93