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Kean Chen Acquires Development Site From Howard Cohen In Long Island City For $10.2M

Property Image
SOLD
$10,200,000
Cole Kinney Leonhardt
Howard Cohen

New York

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Development Site4,950 SF
Sold 01/16/2026
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Property Image
SOLD

Kean Chen Acquires Development Site From Howard Cohen In Long Island City For $10.2M

42 73 Hunter Street & 42 71 Hunter Street

See Similar Deals
Development Site4,950 SF
Sold 01/16/2026
Cole Kinney Leonhardt
Howard Cohen
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$2,060
Total Square Footage:4,950 SF
Transaction Type:Sale

This development site is located at 42-73 Hunter Street & 42-71 Hunter Street in Long Island City. The transaction was completed for a price of $10,200,000, with a total built square footage (BSF) of 24,885 and a price per built square footage (PPBSF) of $410. The site encompasses a total square footage (SF) of 4,950, resulting in a price per square foot (PPSF) of $2,060.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $10,200,000
  • BSF: 24,885
  • PPBSF: $410
  • SF: 4,950
  • PPSF: $2,060
  • Buyer: Kean Chen
  • Seller: Howard Cohen
  • Broker: Cole Kinney Leonhardt - Brax Realty

Cole Kinney Leonhardt represented both Kean Chen and Howard Cohen in this transaction, facilitating the deal between the buyer and the seller.

Players

Cole Kinney Leonhardt
Brax Realty
Cole Kinney Leonhardt
7 deals$65.7M volume(612) 868-4498
BROKER
Brax Realty
Brax Realty
BROKERAGE
Howard Cohen
Howard Cohen
3 deals$10.2M volume
SELLER

Details

SOLD
IMAGE: Cole Kinney Leonhardt DATE: 1/16/2026 ADDRESS: 42-73 Hunter Street & 42-71 Hunter Street MARKET: Long Island City ASSET TYPE: Development Site BUYER: Kean Chen SELLER: Howard Cohen BROKER: Cole Kinney Leonhardt (@ColeKinney88) - Brax Realty (@BraxRealtyNYC) SALE PRICE: $10,200,000 BSF: 24,885 ~ PPBSF: $410 SF: 4,950 ~ PPSF: $2,060 NOTE FROM BROKER: Cole Kinney Leonhardt represented both the buyer and seller in this transaction.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$544,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$36,238.44
Cash-on-Cash Return-1.27%
Monthly Debt Service$48,353.20
Annual Debt Service$580,238.45