Updated Oct 14, 2026
Thomas Ballis Acquires Development Site At 41-16 29th Street Long Island City For $3.3M
41-16 29th Street
$3,300,000
$1,317/SF
Building Size
2,505 SF
Asset Type
Development Site
Closing
Apr 26, 2026
About this deal
AI
The development site located at 41-16 29th Street in Long Island City was sold for $3,300,000. The asset encompasses a building square footage of 2,505 with a price per square foot of $1,317. The site has a base sale footage of 12,525 and a price per base sale footage of $263. It is zoned under M1-5/R7-3, LIC.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,300,000
- Building Square Footage: 2,505
- Price per Square Foot: $1,317
- Base Sale Footage: 12,525
- Price per Base Sale Footage: $263
- Zoning: M1-5/R7-3, LIC
- Buyer: Thomas Ballis
- Broker: Daniel Tack - Pinnacle Realty of New York
Daniel Tack of Pinnacle Realty of New York LLC successfully represented both the buyer, Thomas Ballis, and the seller in this transaction. For inquiries regarding commercial, industrial, or residential development, Daniel can be contacted at [email protected].
On the Map
$3,300,000
$1,317/SF
Development Site
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Long Island City Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.81%
Cash-on-Cash
-1.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93