Storage Deluxe Acquires Covered-Land Play In Bayside, New York For $9.7M
215-01 42nd Ave, Queens, NY 11361, USA
$9,700,000
$215/SF
Building Size
45,000 SF
Asset Type
Other
Closing
Nov 28, 2020
About this deal
AI
The property located at 21501-21511 42nd Avenue in Bayside, New York is a covered-land play with future development potential. The asset consists of a 45,000 square foot lot with C8-1 zoning and a 1.0 FAR as-of-right buildable. The purchase price for this property was $9,700,000, resulting in a price per buildable square foot of $215. The property is situated in the Queens market.
Summary of transaction details
- Property Type: Covered-Land Play / Future Development
- Transaction Amount: $9,700,000
- Lot Size: 45,000 SF
- Zoning: C8-1
- FAR: 1.0
- Price per Buildable Square Foot: $215
- Market: Queens
The seller of the property was the Ash Family, while the buyer was Storage Deluxe represented by Steve Novenstein. The broker involved in the transaction was Stephen R. Preuss.
On the Map
$9,700,000
$215/SF
Other
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Players
Queens Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.64%
Cash-on-Cash
-0.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93