Updated Mar 3, 2025
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
About this deal
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
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