Updated Dec 2, 2024
Chris Jiashu Xu Acquires Development Site In New York City For $70M With Brokers From JLL
93-30 93rd St, Rego Park, NY 11374
$70,000,000
$104/SF
Building Size
669,878 SF
Asset Type
Development Site
Closing
May 19, 2023
About this deal
AI
A development site located at 93-30 93rd Street in New York City has been sold for a total price of $70,000,000. The property spans approximately 669,878 square feet, resulting in a price per square foot of $104. The transaction took place on May 19, 2023, with Vornado as the seller and Chris Jiashu Xu as the buyer.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $70,000,000
- Square Footage: 669,878
- Price Per Square Foot: $104
- Address: 93-30 93rd Street
- Market: New York City
The deal was facilitated by several brokers from JLL, including Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, Winfield Clifford, Robert Knakal, and Jonathan (Jon) Hageman. Chris Jiashu Xu represented the buyer in this transaction.
On the Map
$70,000,000
$104/SF
Development Site
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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
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93