Updated Mar 11, 2026
Xi Makmeng Acquires Development Site From Goss Family At 42-40 Crescent Street For $3.7M
42-40 Crescent Street
$3,700,000
$328/SF
Building Size
11,250 SF
Asset Type
Development Site
Closing
Feb 25, 2026
About this deal
AI
The transaction involves a development site located at 42-40 Crescent Street in Long Island City. The sale price was $3,700,000, and the property has a total square footage of 11,250, resulting in a price per square foot of $328.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,700,000
- Address: 42-40 Crescent Street
- Market: Long Island City
- Square Footage: 11,250
- Price per Square Foot: $328
- Buyer: Xi Makmeng
- Seller: Goss Family
- Broker: Dean Abouelhassan - Landair Advisors
The key individuals involved in this transaction include Xi Makmeng as the buyer and the Goss Family as the seller. Dean Abouelhassan from Landair Advisors represented the transaction as the broker for the sale.
On the Map
$3,700,000
$328/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
4.29%
Cash-on-Cash
-1.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93