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Witkoff & Birnbaum Families Sell Development Site On Broadway, Astoria For $11.1M

Property Image
SOLD
$11,100,000
Josh Goldflam
SW

New York

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Development Site55 SF
Sold 02/24/2023
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Property Image
SOLD

Witkoff & Birnbaum Families Sell Development Site On Broadway, Astoria For $11.1M

47-07 Broadway, Queens, New York 11103, United States

See Similar Deals
Development Site55 SF
Sold 02/24/2023
Josh Goldflam
SW
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$201,818
Total Square Footage:55 SF
Transaction Type:Sale

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.

Players

Josh Goldflam
Highcap Group
Josh Goldflam
29 deals$278.1M volume
BROKER
SW
Witkoff
Steven Witkoff
11 deals$1.3B volume(212) 247-0120
BROKER

Details

SOLD
IMAGE: Josh Goldflam DATE: 02/24/2023 ADDRESS: 47-07 Broadway, Astoria MARKET: New York City ASSET TYPE: Development Site ~ BSF: 55,000 SELLER: Witkoff & Birnbaum Families BROKER: Josh Goldflam (@JoshGoldflam) - Highcap Group (@Highcap_Group) SALE PRICE: $11,100,000 NOTE FROM BROKER: Block-front 55,000 square foot development site. First sale in over 52 years of ownership!

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

$592,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$39,435.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,619.66
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