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Moshe Kashi Buys Development Site On 32nd Street In Dutch Kills-LIC For $6.61M

Property Image
SOLD
$6,612,500
Alexandre (Alex) Goulet
Anand Melwani
Christopher Daniels
+ 1

New York

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Development Site
Sold 04/03/2024
the dealplayerscompscontact
Property Image
SOLD

Moshe Kashi Buys Development Site On 32nd Street In Dutch Kills-LIC For $6.61M

38-24 32nd Street

See Similar Deals
Development Site
Sold 04/03/2024
Alexandre (Alex) Goulet
Anand Melwani
Christopher Daniels
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

Located at 38-24 32nd Street in Dutch Kills, Long Island City, this development site was recently sold for $6,612,500. Spanning 25,650 square feet, the property was acquired by Moshe Kashi from seller Joe Torres. The transaction price equates to approximately $258 per buildable square foot.

Summary of transaction details:

Landair Property Advisors, the brokerage involved in the deal, prides itself on being a technology-driven firm. With a focus on high-volume transactions, they have successfully sold numerous development sites in Queens over the last year. The company is on a growth trajectory, expanding into Brooklyn, Manhattan, and the Bronx. Their team has now grown to include six agents and back-office support as they strive to establish themselves as one of the leading development site brokers in New York.

Players

Alexandre (Alex) Goulet
Landair Advisors
Alexandre Goulet
45 deals$163.2M volume
BROKER
Anand Melwani
Landair Advisors
Anand Melwani
41 deals$168.7M volume(516) 658-1222
BROKER
Christopher Daniels
Landair Advisors
Christopher Daniels
9 deals$24.9M volume(917) 238-9119
BROKER
Dean Abouelhassan
Landair Advisors
Dean Abouelhassan
11 deals$44.8M volume(516) 532-5385
BROKER

Details

SOLD
IMAGE: Alexandre Goulet, Christopher Daniels, Moshe Kashi, Anand Melwani & Dean Abouelhassan DATE: 04/03/2024 ADDRESS: 38-24 32nd Street MARKET: Dutch Kills, Long Island City ASSET TYPE: Development Site BUYER: Moshe Kashi SELLER: Joe Torres BROKERS: Alexandre Goulet, Christopher Daniels, Dean Abouelhassan (Longislandcre) & Anand Melwani (@Rumpusboy) - Landair Property Advisors (@LandairPropertyAdvisors) SALE PRICE: $6,612,500 BSF: 25,650 ~ PPBSF: $258 NOTE FROM BROKER: Landair Property Advisors is a technology driven commercial real estate brokerage. Our agents are equipped with a custom-built CRM, advanced calling software, and Proprietary Broker Opinion of Value system, empowering them to close deals in less time than a traditional brokerage. In the volatile world of Investment Sales, characterized by peaks and troughs, our high-volume approach aims to mitigate the downside risk. Over the last 12 months alone, we have successfully sold (10) development sites in Queens. We are now expanding to Brooklyn, Manhattan, and the Bronx, marking a significant step in our objective of becoming the highest volume development site broker in New York. Our team is expanding quickly, now with (6) agents and back-office support. We are always looking for experienced agents to join our team and work alongside us in our newly opened office on 30th Street & 7th Avenue. To discuss senior position opportunities, email Alex - [email protected] or Anand - [email protected]. All conversations are confidential.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$23,492.81
Cash-on-Cash Return-1.27%
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