Jim Cichielo Sells Development Site In Long Island City For $3.13M
SOLD
$3,130,000
+ 1
New York
See Similar DealsDevelopment Site100,000 SF
Sold 09/04/2020
SOLD
Jim Cichielo Sells Development Site In Long Island City For $3.13M
5-22 49th Ave, Queens, NY 11101, USA
See Similar DealsDevelopment Site100,000 SF
Sold 09/04/2020
+ 1
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$31
Total Square Footage:100,000 SF
Transaction Type:Sale
A development site located at 5-22 49th Avenue in Long Island City has been sold in a recent transaction. The property was listed for an asking price of $3,000,000 and ultimately sold for $3,130,000. With a total building square footage (BSF) of 10,000, the sale price per BSF (PPBSF) comes to $313.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $3,130,000
- Address: 5-22 49th Avenue
- Market: Long Island City
- Asking Price: $3,000,000
- BSF: 10,000
- PPBSF: $313
The seller of the property is Jim Cichielo. The deal was facilitated by brokers Max Belinsky, Dimitri Kapelonis, Constantinos Kapelonis, and Austin Roche from BKR Real Estate Group.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$166,933.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,120.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,837.80
Annual Debt Service$178,053.56
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