Updated Oct 25, 2024
Witkoff & Birnbaum Families Sell Development Site On Broadway, Astoria For $11.1M
47-07 Broadway, Queens, New York 11103, United States
$11,100,000
$201,818/SF
Building Size
55 SF
Asset Type
Development Site
Closing
Feb 24, 2023
About this deal
AI
Located at 47-07 Broadway in Astoria, New York City, this development site has recently been sold in a closed transaction. The property spans a total of 55,000 square feet, making it suitable for further development. The sale price for this site was $11,100,000, marking the first sale in over 52 years of ownership by the Witkoff & Birnbaum Families. The transaction was facilitated by Josh Goldflam of Highcap Group, who represented the seller in this deal.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $11,100,000
- Address: 47-07 Broadway, Astoria
- Market: New York City
- Asset Type: Development Site
- Building Square Footage: 55,000
This prominent development site was sold by the Witkoff & Birnbaum Families after more than half a century of ownership. Josh Goldflam of Highcap Group represented the seller in this transaction, showcasing his expertise in navigating such deals in the New York City market.
On the Map
$11,100,000
$201,818/SF
Development Site
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Astoria 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
1.43%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93