Updated Oct 29, 2024
JNY Capital Acquires Development Site In Long Island City For $32.5M
38-42 12th Street, Long Island City, NY, USA
$32,500,000
$101/SF
Building Size
319,200 SF
Asset Type
Development Site
Closing
Mar 8, 2020
About this deal
AI
The development site located at 38-42 12th Street in Long Island City has been sold in a transaction dated 03/09/2020. The property, situated in the Long Island City market, spans approximately 319,200 square feet and is designated for commercial use.
Summary of transaction details
- Property Type: Development Site
- Sale Price: $32,500,000
- Price per Buildable Square Foot (PPBSF): $101
- Seller: United Hoisting Company Inc - Richard Halloran & Joe Covello
- Buyer: JNY Capital - Moshe Pinsky
- Brokers: Jakub Nowak & Jonathan Eshaghian - Marcus & Millichap @The_Nowak_Group
This transaction represents a joint venture between United Hoisting Company Inc, the land owners, and JNY Capital. The collaboration aims to bring a transformative commercial project to Long Island City. The proposed development, with a total buildable square footage of approximately 400,000, is expected to incorporate a blend of commercial, entertainment, and community facilities.
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
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93