Vorea Group Acquires Development Site In Long Island City, Queens For $4.7M
SOLD
$4,700,000
New York
See Similar DealsDevelopment Site
Sold 07/28/2022
SOLD
Vorea Group Acquires Development Site In Long Island City, Queens For $4.7M
5-36 50th Avenue, Queens, New York 11101, United States
See Similar DealsDevelopment Site
Sold 07/28/2022
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
A development site located at 5-36 50th Avenue in Long Island City, Queens, has been sold for a total price of $4,700,000. The transaction took place on July 28, 2022, and the seller was Lawrence T. Dolin.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $4,700,000
- Address: 5-36 50th Avenue, Long Island City, Queens
- Market: Long Island City, Queens
The buyer in this transaction was Vorea Group, represented by Peter Papamichael. Lawrence T. Dolin acted as the seller in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$250,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$16,698.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,280.40
Annual Debt Service$267,364.77
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