Updated Sep 9, 2024
Roy Chi Acquires Development Site In Long Island City For $3.5M
36-26 31st Street, Queens, New York 11101, United States
$3,500,000
$259/SF
Building Size
13,500 SF
Asset Type
Development Site
Closing
Oct 26, 2022
About this deal
AI
A development site located at 36-26 31st Street in Long Island City has recently been sold for a price of $3,500,000. The property, which covers a total of 13,500 BSF, was purchased by Roy Chi from the seller Bob Hoover. The sale was facilitated by Landair Property Advisors, with their representative serving as the broker for the transaction.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,500,000
- Address: 36-26 31st Street, Long Island City
- Market: Long Island City
- Buyer: Roy Chi
- Seller: Bob Hoover
- Broker: Landair Property Advisors
Landair Property Advisors played a crucial role in facilitating the transaction, with their representative serving as the broker for the deal. Roy Chi was the buyer who acquired the development site, while Bob Hoover acted as the seller. The sale marks another successful transaction for Landair Property Advisors, cementing their reputation in the market as a reliable and trusted brokerage firm.
It's worth noting that Landair Property Advisors is actively seeking similar deals, as mentioned in their note. They can be contacted through their Queens team, which includes Christopher Daniels, Senior Associate, Jeffrey Ram, Senior Associate, and Alexandre Goulet, Director. Their contact information can be found in the provided note.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93