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Masoud Farhangian & Danny Shirazi Purchase Development Site From Krahn Family For $2.26M In Rego Park

Property Image
SOLD
$2,260,000

New York

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Development Site1,971 SF
Sold 07/30/2025
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Property Image
SOLD

Masoud Farhangian & Danny Shirazi Purchase Development Site From Krahn Family For $2.26M In Rego Park

65 71 Booth Street

See Similar Deals
Development Site1,971 SF
Sold 07/30/2025
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,146
Total Square Footage:1,971 SF
Transaction Type:Sale

The property asset involved in the transaction is a development site located at 65-71 Booth Street in Rego Park. The sale price was $2,260,000, with a total building square footage of 13,760 and a price per square foot of $164.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $2,260,000
  • Buyer: Masoud Farhangian & Danny Shirazi
  • Seller: Krahn Family
  • Brokers: Mitra Hakimi & Etan Hakimi - Mitra Hakimi Realty Group
  • Attorney: Justin Waiser, esq. - William A. Slutsky, P.C.
  • Building Square Footage: 13,760
  • Price per Building Square Foot: $164

Mitra Hakimi and Etan Hakimi represented the seller, the Krahn Family, in the deal. They successfully secured a non-contingent, AS-IS, all cash transaction and closed within three weeks of contract execution. Additionally, they assisted each of the seller's family members in finding their new homes.

Players

Etan Hakimi
7 deals$13.4M volume
BROKER

Mitra Hakimi
Mitra Hakimi Realty Group
5 deals$11.2M volume(718) 268-5588
BROKER

Mitra Hakimi Realty Group
BROKERAGE

Details

SOLD
IMAGE: Mitra Hakimi & Etan Hakimi DATE: 7/30/2025 ADDRESS: 65-71 Booth Street MARKET: Rego Park ASSET TYPE: Development Site BUYER: Masoud Farhangian & Danny Shirazi SELLER: Krahn Family BROKERS: Mitra Hakimi & Etan Hakimi - Mitra Hakimi Realty Group (@MitraHakimiRealtyGroup) ATTORNEY: Justin Waiser, esq. - William A. Slutsky, P.C. SALE PRICE: $2,260,000 BSF: 13,760 ~ PPBSF: $164 NOTE FROM BROKER: Property owned by the same family for over 60 years. Mitra & Etan were able to secure a non-contingent, AS-IS, all cash transaction and close within 3 weeks of contract execution and helped each of the seller's family members find their new home! Contact Mitra Hakimi Realty Group to schedule a free consultation and market analysis for your property!

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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$8,029.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,713.55
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