Updated Dec 14, 2024
RJ Capital Group Acquires Development Site In Forest Hills, Queens For $31.7M
7035 113th Street, Forest Hills, Queens, NY 11375, USA
$31,700,000
$99/SF
Building Size
318,238 SF
Asset Type
Development Site
Closing
May 25, 2020
About this deal
AI
A development site located at 70-35 113th Street in Forest Hills, Queens, has been sold in a recent transaction. The property is zoned as R1-2A and was purchased by RJ Capital Group, Top Rock Holdings, and SYUProperties. The sellers of the site were Jasper Venture Group. The transaction was facilitated by brokers Michael Mazzara, Brendan Maddigan, Ethan Stanton, Stephen Palmese, and Winfield Clifford from JLL. The sale price for the property was $31,700,000, matching the asking price. The site has a buildable square footage of 318,238 and a price per buildable square foot of $100.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $31,700,000
- Market: Forest Hills, Queens
- Address: 70-35 113th Street
- Zoning: R1-2A
The buyers of the property, RJ Capital Group, Top Rock Holdings, and SYUProperties, were represented by Michelle Abramov. The sellers, Jasper Venture Group, completed the deal with the assistance of brokers Michael Mazzara, Brendan Maddigan, Ethan Stanton, Stephen Palmese, and Winfield Clifford from JLL.
On the Map
$31,700,000
$99/SF
Development Site
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Players
Forest Hills 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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93