Hui Ling Huang, Qin Hui He & Enyeda Montalvan Acquire Development Site In Staten Island For $3.365M
501 Gower Street
$3,365,000
$320/SF
Building Size
10,500 SF
Asset Type
Development Site
Closing
May 23, 2022
AI
The development site located at 501, 505 & 509 Gower St. in Staten Island has been sold for a total price of $3,365,000. The property, which spans 10,500 square feet, was acquired by Hui Ling Huang, Qin Hui He, and Enyeda Montalvan from the seller, Naso Organization. The transaction was facilitated by Ron Molcho and Maurice Molcho of Molcho Realty Group, who represented the seller in the deal. The purchase price equates to a price per buildable square foot of $320.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $3,365,000
- Address: 501, 505 & 509 Gower St.
- Market: Staten Island
Ron Molcho and Maurice Molcho, brokers from Molcho Realty Group, played an integral role in this transaction. They worked closely with their client, Naso Organization, to achieve profitable goals within an 18-month time frame. The Molchos are actively seeking land and development sites in the New York and New Jersey markets. For more information, contact Ron Molcho directly at 917-531-1100.
Players
New York 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
4.71%
Cash-on-Cash
-1.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93