White Castle System Inc. Sells Development Site In Elmhurst For $15 Million With SymmetryCRG Brokers
89-03 57th Avenue
$15,000,000
$6,399/SF
Building Size
2,344 SF
Asset Type
Development Site
Closing
Jun 23, 2026
AI
This development site is located at 89-03 57th Avenue in Elmhurst. It was sold by White Castle System Inc. for a total of $15,000,000. The property encompasses 2,344 square feet, resulting in a price per square foot of $6,399.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Seller: White Castle System Inc.
- Brokers: Michael Maunsell & Ruben Kast De Martinez - SymmetryCRG
- Market: Elmhurst
- Square Footage: 2,344
- Price Per Square Foot: $6,399
Michael Maunsell and Ruben Kast De Martinez of SymmetryCRG represented the interests of the seller in this transaction. This site had been under the same ownership for 87 years, highlighting its rarity and significance in the development market of Queens.
Players
Market 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
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93