Updated Sep 5, 2024
Jack Fung Acquires Development Site In Long Island City For $3.25M
40-21 27th Street Long Island City, New York 11101
$3,250,000
$650/SF
Building Size
5,000 SF
Asset Type
Development Site
Closing
Aug 15, 2023
About this deal
AI
A development site located at 40-21 27th Street in Long Island City, Dutch Hills has been sold for a total of $3,250,000. The property spans 5,000 square feet, with a price per square foot of $650.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $3,250,000
- Address: 40-21 27th Street
- Market: Long Island City, Dutch Hills
- Buyer: Jack Fung
- Seller: Carl Bordon
- Brokers: Luca DiCiero & Devin Navarro - NY Space Finders
- SF: 5,000
- PPSF: $650
The transaction was facilitated by Luca DiCiero and Devin Navarro of NY Space Finders, serving as the brokers for both the buyer and the seller. They played a crucial role in ensuring a successful deal between Jack Fung and Carl Bordon.
Players
Long Island City 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
4.88%
Cash-on-Cash
-1.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93