Updated Dec 4, 2024
Yakubov Family Buys Development Site In Rego Park, Queens For $2.4M
64-26 Wetherole Street
$2,400,000
$1,530/SF
Building Size
1,568 SF
Asset Type
Development Site
Closing
May 10, 2024
About this deal
AI
The development site located at 64-26 Wetherole Street in Rego Park, Queens, was sold for $2,400,000. The property spans 1,568 square feet, with a price per square foot of $1,531, and a buildable square footage of 11,469, resulting in a price per buildable square foot of $209.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,400,000
- Buyer: Yakubov Family
- Seller: Hovsepian Family
- Buyer's Rep: Mitra Hakimi - Mitra Hakimi Realty Group
- Market: Rego Park, Queens
- Address: 64-26 Wetherole Street
Mitra Hakimi, the owner and founder of Mitra Hakimi Realty Group, represented the buyer, the Yakubov Family, in this transaction. The boutique brokerage company is family-owned and operated, based in Forest Hills, Queens. If you are considering selling property in Queens, you can contact Mitra for a free consultation and market analysis.
Rego Park 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
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93