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Amit Veeramachaneni Acquires Development Site In Long Island City For $1.845M

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SOLD
$1,845,000
Jonathan Eshaghian
Jakub Nowak
AV

New York

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Development Site6,250 SF
Sold
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SOLD

Amit Veeramachaneni Acquires Development Site In Long Island City For $1.845M

45-38 Pearson Street

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Development Site6,250 SF
Sold
Jonathan Eshaghian
Jakub Nowak
AV
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$295
Total Square Footage:6250 SF
Transaction Type:Sale

A development site located at 45-38 Pearson St. in Long Island City has been sold for a price of $1,845,000. The site has a lot size of 12.5 ft x 100 ft (1,250 SF) and is zoned as M1-5/R7-3. This transaction was completed on 10/16/2020.

Summary of transaction details

  • Property Type: Development site
  • Sale Price: $1,845,000
  • Building Square Footage: 6,250
  • Price per Square Foot: $295
  • Address: 45-38 Pearson St., Long Island City
  • Market: Long Island City
  • Buyer: Amit Veeramachaneni
  • Seller: David Halloran
  • Brokers: Jakub Nowak & Jonathan Eshaghian from The Nowak Group - Marcus & Millichap
  • Lot Size: 12.5 ft x 100 ft (1,250 SF)
  • Contact: Jonathan Eshaghian at 718-475-4379 to evaluate your property or development site.

This sale at $295 per square foot completes an assemblage of eight tax lots for a total of 101,000 building square footage. This indicates a potentially lucrative development opportunity in the area.

Players

Jonathan Eshaghian
Jonathan Eshaghian
18 deals$155.6M volume(917) 733-8879
BROKER
Jakub Nowak
Marcus & Millichap
Jakub Nowak
80 deals$432.5M volume
BROKER
AV
Amit Veeramachaneni
3 deals$20.3M volume
BUYER

Details

SOLD
IMAGE: Jakub Nowak & Jonathan Eshaghian DATE: 10/16/202 ADDRESS: 45-38 Pearson St. MARKET: Long Island CIty ASSET TYPE: Development site ~ ZONING: M1-5/R7-3 BUYER: Amit Veeramachaneni SELLER: David Halloran BROKERS: Jakub Nowak & Jonathan Eshaghian - @The_Nowak_Group - Marcus & Millichap SALE PRICE: $1,845,000 BSF: 6,250 ~ PPBSF: $295 LOT SIZE: 12.5 ft x 100 ft (1,250 SF) NOTE: This sale at $295/BSF completes an assemblage of eight tax lots for 101,000 BSF. Contact Jonathan Eshaghian at 718-475-4379 to evaluate your property or development site.

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

$98,400.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$6,554.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,746.24
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