Chris Xu Acquires Development Site In Long Island City For $57.5M
SOLD
$57,500,000
New York
See Similar DealsDevelopment Site
Sold 03/06/2024
SOLD
Chris Xu Acquires Development Site In Long Island City For $57.5M
42-50 24th Street
See Similar DealsDevelopment Site
Sold 03/06/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
The sale involved a Development Site located at 42-50 24th Street in Long Island City, Queens. The transaction was completed on 03/06/2024, with a sale price of $57,500,000. The buyers were Chris Xu from United Construction & Development Group, while the sellers were Fisher Brothers & Hakim Organization. The property was brokered by Daniel Kaplan, Doug Middleton, and Justin Arzi from CBRE.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $57,500,000
- Address: 42-50 24th Street
- Market: Long Island City, Queens
The key individuals involved in the deal include Chris Xu representing United Construction & Development Group as the buyer, and Fisher Brothers & Hakim Organization as the sellers. The transaction was facilitated by the brokers Daniel Kaplan, Doug Middleton, and Justin Arzi from CBRE.
Players
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$204,285.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$272,579.34
Annual Debt Service$3,270,952.02
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