Development Site Advisors Represents Sale Of Development Site In Long Island City For $12,000,000
37-07 21st Street
$12,000,000
Building Size
—
Asset Type
Development Site
Closing
May 18, 2026
AI
The asset involved in this transaction is a development site located at 3707-3725 21st Street in Long Island City. The site spans a total of 29,817 square feet and is zoned M1-3/IBZ. It was sold for a price of $12,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,000,000
- Address: 3707-3725 21st Street
- Market: Long Island City
- Zoning: M1-3/IBZ
- Lot Size: 29,817 SF
- Brokers: Rubin Isak & Lev Kimyagarov - Development Site Advisors
Rubin Isak and Lev Kimyagarov represented the sellers in this unprecedented transaction. The brokers successfully unlocked an Industrial Business Zone (IBZ) that restricts housing, demonstrating their expertise in zoning and industry relationships, which can facilitate new avenues for affordable and supportive housing throughout New York City.
Players
Long Island City Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93