Storage Deluxe Acquires Covered-Land Play In Bayside, New York For $9.7M
SOLD
$9,700,000
New York
See Similar DealsOther45,000 SF
Sold 11/29/2020
SOLD
Storage Deluxe Acquires Covered-Land Play In Bayside, New York For $9.7M
215-01 42nd Ave, Queens, NY 11361, USA
See Similar DealsOther45,000 SF
Sold 11/29/2020
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$215
Total Square Footage:45,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$517,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$34,462.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,982.95
Annual Debt Service$551,795.38
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