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Miller Family Sells Development Site In Jamaica, Queens For $46.8M With Ripco Brokers

Property Image
SOLD
$46,800,000
Kevin Schmitz
Kevin Louie
Andreas Efthymiou
+ 2

New York

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Development Site557,468 SF
Sold 10/31/2022
the dealplayerscompscontact
Property Image
SOLD

Miller Family Sells Development Site In Jamaica, Queens For $46.8M With Ripco Brokers

89-01 165th Street, Queens, New York 11432, United States

See Similar Deals
Development Site557,468 SF
Sold 10/31/2022
Kevin Schmitz
Kevin Louie
Andreas Efthymiou
+ 2
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$84
Total Square Footage:557,468 SF
Transaction Type:Sale

An $46,800,000 development site in Jamaica, Queens has been sold by the Miller Family. The property, located at 89-01 165th Street, has a total square footage of 557,468 and a price per square foot of $84. The transaction took place on October 31, 2022.

Summary of transaction details

The deal was facilitated by brokers Stephen R. Preuss Sr., Kevin Schmitz, Andreas Efthymiou, and Kevin Louie, representing Ripco. They played a crucial role in negotiating the sale of the development site in Jamaica, Queens.

Players

Kevin Louie
Ripco
Kevin Louie
126 deals$1B volume(718) 663-2642
BROKER
Andreas Efthymiou
Ripco
Andreas Efthymiou
128 deals$1.1B volume(718) 663-2643
BROKER
Stephen R. Preuss Sr.
Ripco
Stephen R. Preuss Sr.
259 deals$2B volume(718) 663-2639
BROKER
Kevin Schmitz
Ripco
Kevin Schmitz
112 deals$846.3M volume
BROKER
MF
Miller Family
4 deals$67.6M volume
SELLER

Details

SOLD
IMAGE: Stephen R. Preuss Sr, Kevin Schmitz, Andreas Efthymiou & Kevin Louie DATE: 10/31/2022 ADDRESS: 89-01 165th Street MARKET: Jamaica, Queens ASSET TYPE: Development Site SELLER: Miller Family BROKERS: Stephen R. Preuss Sr. (@RipcoInvestmentSales), Kevin Schmitz (@Kevin.Schmitz_CRE), Andreas Efthymiou (@Andreas.E_Investment_Sales) & Kevin Louie (@Kevin.Louie_Investment_Sales) - Ripco (@RipcoInvestmentSales) SALE PRICE: $46,800,000 BSF: 557,468 ~ PPBSF: $84

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,496,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$166,270.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$221,855.88
Annual Debt Service$2,662,270.51