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Aditya Shah And Palwinder Singh Acquire Development Site In Astoria, Queens For $3.4M

Property Image
SOLD
$3,400,000
Anand Melwani
Christopher Daniels
+ 1

New York

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Development Site17,214 SF
Sold 08/08/2024
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Property Image
SOLD

Aditya Shah And Palwinder Singh Acquire Development Site In Astoria, Queens For $3.4M

36-31 31st Street

See Similar Deals
Development Site17,214 SF
Sold 08/08/2024
Anand Melwani
Christopher Daniels
+ 1
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$197
Total Square Footage:17,214 SF
Transaction Type:Sale

This development site is located at 36-31 31st Street in Astoria, Queens. The property was sold for a total of $3,400,000, with a building square footage (BSF) of 17,214 and a price per building square foot (PPBSF) of $197. The total square footage (SF) is also 17,214, maintaining the same price per square foot (PPSF) of $197.

Summary of transaction details:

Aditya Shah and Palwinder Singh were the buyers in this real estate transaction. Debra Deow acted as the seller. The brokers who facilitated the deal were Alexandre Goulet, Dean Abouelhassan, Anand Melwani, and Christopher Daniels from Landair Property Advisors.

Players

Alexandre (Alex) Goulet
45 deals$163.2M volume
BROKER

Anand Melwani
Landair Advisors
41 deals$168.7M volume(516) 658-1222
BROKER

Christopher Daniels
Landair Advisors
9 deals$24.9M volume(917) 238-9119
BROKER

Dean Abouelhassan
Landair Advisors
11 deals$44.8M volume(516) 532-5385
BROKER

Details

SOLD
IMAGE: Alexandre Goulet, Dean Abouelhassan, Aditya Shah, Anand Melwani & Christopher Daniels DATE: 08/08/2024 ADDRESS: 36-31 31st Street MARKET: Astoria, Queens ASSET TYPE: Development Site BUYER: Aditya Shah & Palwinder Singh SELLER: Debra Deow BROKERS: Alexandre Goulet, Dean Abouelhassan (@LongIslandCRE), Anand Melwani (@ArmYourself21) & Christopher Daniels - Landair Property Advisors (@LandairPropertyAdvisors) SALE PRICE: $3,400,000 BSF: 17,214 ~ PPBSF: $197 SF: 17,214 ~ PPSF: $197

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$181,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$12,079.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,117.73
Annual Debt Service$193,412.82