Updated Dec 21, 2023
Jae-Min Han And Ming-po Ferris Kung Acquire Multifamily Property In Astoria For $3.15M
12-20 31st Dr, Long Island City, NY 11106, USA
$3,150,000
$418/SF
Building Size
7,532 SF
Asset Type
MultiFamily
Closing
Jun 6, 2019
About this deal
AI
Nestled in the vibrant neighborhood of Astoria, this multifamily property located at 12-20 31st Drive recently underwent a closed transaction. The property spans a total of 7,532 square feet, offering ample space for its residents. The deal was brokered by Imtiaz Hossain and Luca DiCiero, who represented both the buyer and seller in a dual agency.
Summary of transaction details
- Property Type: Multifamily
- Asking Price: $3,498,999
- Sale Price: $3,150,000
- Square Footage: 7,532
- Price per square foot: $418
- Gross Income: $133,200
The buyer of the property is Jae-Min Han and Ming-po Ferris Kung, who recognized the value and potential of this Astoria gem. On the other hand, the seller, Lorenzo DeVardo, saw an opportunity to successfully close the deal. The skillful negotiation of Imtiaz Hossain and Luca DiCiero played a crucial role in bringing both parties together and facilitating the transaction.
Players
Astoria MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.04%
Cash-on-Cash
-1.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93