Amit Veeramachaneni Acquires Development Site In Long Island City For $1.845M
45-38 Pearson Street
$1,845,000
$295/SF
Building Size
6,250 SF
Asset Type
Development Site
Closing
Oct 15, 2020
AI
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
New York 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
8.60%
Cash-on-Cash
-2.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93