Updated Dec 21, 2023
Sam Chang Acquires Hotel Dev Site With Approved Plans In Long Island City For $6.5M
38-15 9th St, Long Island City, NY 11101, USA
Building Size
499,170 SF
Asset Type
Development Site
Closing
Jun 5, 2018
About this deal
AI
Sam Chang has acquired a hotel development site with approved plans in Long Island City, Queens. The property, located at 38-15 9th Street, was sold for a price of $6,500,000. The site has a total buildable area of 49,917 square feet, resulting in a price per square foot of $130.
Summary of transaction details:
- Property Type: Hotel Development Site
- Transaction Amount: $6,500,000
- Address: 38-15 9th Street, Long Island City, New York
- Market: Queens
- Buildable Square Footage: 49,917 sf
- Price per Square Foot: $130
The seller of the property was Meny Chukroon. Sam Chang, a prominent figure in the real estate industry, represented himself as the buyer in this deal. Cushman & Wakefield, led by Stephen R. Preuss, acted as the broker for the transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93