Thomas Ballis Acquires Development Site In Astoria From Ashraf Hussain For $250,000
SOLD
$250,000
New York
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Sold
SOLD
Thomas Ballis Acquires Development Site In Astoria From Ashraf Hussain For $250,000
31 05 Newtown Avenue
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Sold
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
The development site located at 31-05 Newtown Avenue in Astoria was sold for a total price of $250,000. The property has a building square footage of 2,500, resulting in a price per building square foot of $100. The transaction included the sale of air rights to the neighboring property.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $250,000
- Building Square Footage: 2,500
- Price per Building Square Foot: $100
- Buyer: Thomas Ballis
- Seller: Ashraf Hussain
- Broker Representatives: Luca DiCiero & Faisal Gilani - NY Space Finders
The transaction was facilitated by brokers Luca DiCiero and Faisal Gilani, who represent NY Space Finders. Thomas Ballis acquired the property from seller Ashraf Hussain, with the noted detail of including air rights in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$13,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$888.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,185.13
Annual Debt Service$14,221.53
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