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44 65 23rd Street

George Maragos Acquires Development Site From Savanna In Long Island City For $2.3M
SOLDDevelopment Site

George Maragos Acquires Development Site From Savanna In Long Island City For $2.3M

44 65 23rd Street

$2,300,000

$1,100/SF

Building Size

2,090 SF

Asset Type

Development Site

Closing

Jun 14, 2024

AI

The property involved in this transaction is a development site located at 44 65 23rd Street in Long Island City. The asset was sold for $2,300,000.00 and encompasses a total square footage of 2,090.0.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $2,300,000.00
  • Address: 44 65 23rd Street
  • Market: Long Island City
  • Square Footage: 2,090.0
  • Buyer: George Maragos
  • Seller: Savanna
  • Brokers: Will Conrad (Cushman & Wakefield), Dylan Walsh (Cushman & Wakefield)

Will Conrad and Dylan Walsh, both from Cushman & Wakefield, represented the transaction, facilitating the deal between buyer George Maragos and seller Savanna.

Players

Will Conrad

Cushman & Wakefield

Broker

$263.3M

vol

26 deals

Broker

George Maragos

Buyer

$2.3M

vol

2 deals

Buyer
S
SavannaSeller

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

6.90%

Cash-on-Cash

-1.97%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93