Updated Dec 20, 2023
Simon Vays Acquires Development Site In Hunters Point For $8.4M
501-517 47th Rd, Hunters Point, Queens, NY, USA
$8,400,000
$305/SF
Building Size
27,500 SF
Asset Type
Development Site
Closing
Dec 15, 2020
About this deal
AI
A development site in Hunters Point located at 501-517 47th Rd. has been sold for a total price of $8,400,000. The property, with a building square footage (BSF) of 27,500, was purchased by Simon Vays from the sellers Ronald & David Sloop. The transaction was facilitated by broker Ron Solarz from Newmark. The development site is characterized by its prime location in the Hunters Point market.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $8,400,000
- Address: 501-517 47th Rd.
- Market: Hunters Point
- Buyer: Simon Vays
- Seller: Ronald & David Sloop
- Broker: Ron Solarz - @Newmark
- BSF: 27,500
- PPBSF: $305
The deal showcased the involvement of key individuals and companies in the transaction. Simon Vays acted as the buyer for the development site, while the sellers, Ronald & David Sloop, successfully closed the deal. The broker representing the transaction was Ron Solarz from Newmark, who played a crucial role in facilitating the sale of the property.
Long Island City 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
1.89%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93