Updated Nov 21, 2025
Chen Wu Acquires Development Site In Astoria For $2.1M With Broker Alexandre Goulet
32 02 31st Avenue
$2,100,000
$845/SF
Building Size
2,485 SF
Asset Type
Development Site
Closing
Nov 13, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 32-02 31st Avenue in Astoria. The sale price for this asset was $2,100,000, with a building square footage (BSF) of 7,401 and a price per building square foot (PPBSF) of $283. The property also has a square footage of 2,485 and a price per square foot (PPSF) of $845.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,100,000
- Buyer: Chen Wu
- Seller: Werner Wex
- Broker: Alexandre Goulet - Landair Property Advisors
The key individuals in this deal include Chen Wu as the buyer, who acquired the property from Werner Wex, the seller. The transaction was facilitated by broker Alexandre Goulet, representing Landair Property Advisors.
Players
Astoria 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
7.55%
Cash-on-Cash
-2.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93