Updated Jun 22, 2026
Hang Dong Zhang Acquires Air Rights From John Ciafone At 23-06 Jackson Avenue For $275 PSF
23-06 Jackson Avenue
Building Size
3,000 SF
Asset Type
MultiFamily
Closing
Jun 2, 2026
About this deal
AI
The transaction involved the sale of transferable air rights located at 23-06 Jackson Avenue, situated in the Long Island City market. The asset type is multifamily, and the sale was executed at a price of $275 per buildable square foot.
Summary of transaction details:
- Property Type: Air Rights Transfer
- Transaction Amount: $275
- Buyer: Hang Dong Zhang
- Seller: John Ciafone
- Brokers: Shaun Riney, Sean Fopeano & David Cornejo - Marcus & Millichap
- Date of Transaction: 6/3/2026
- Market: Long Island City
- Note from Broker: New York Multifamily Group is pleased to announce the successful sale of transferable air rights at 23-06 Jackson Avenue in Court Square, Long Island City.
Representatives for the transaction included brokers Shaun Riney, Sean Fopeano, and David Cornejo from Marcus & Millichap, underscoring the strategic representation provided during the transaction process in this competitive market environment.
On the Map
MultiFamily
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Long Island City 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93