Carmine Evangelista Acquires Development Site In Far Rockaway For $2.9M
SOLD
$2,900,000
New York
See Similar DealsDevelopment Site10,000 SF
Sold 09/02/2021
SOLD
Carmine Evangelista Acquires Development Site In Far Rockaway For $2.9M
157 Beach 96th Street, Far Rockaway, NY, USA
See Similar DealsDevelopment Site10,000 SF
Sold 09/02/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$290
Total Square Footage:10,000 SF
Transaction Type:Sale
A development site located at 157 Beach 96th Street in Far Rockaway has been sold for $2,900,000. The property, situated on a lot measuring 50 ft x 100 ft, is zoned as R5D. The site offers a total buildable square footage (BSF) of 10,000, translating to a price per buildable square footage (PPBSF) of $290. The transaction took place on September 2, 2021.
Summary of transaction details:
- Property Type: Development Site 🏗
- Transaction Amount: $2,900,000
- Address: 157 Beach 96th Street
- Market: Far Rockaway
- Zoning: R5D
- Lot Dimensions: 50 ft x 100 ft
- BSF: 10,000
- PPBSF: $290
- Date: September 2, 2021
The buyer of the property is Carmine Evangelista. The transaction was facilitated by Greg Corbin and Brandon Serota of Rosewood Realty Group, acting as the buyer's representatives.
It's worth noting that the construction on the site has been stalled, as mentioned by the brokers.
Players
BROKERAGE
Details
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30 years
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$154,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,303.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,747.48
Annual Debt Service$164,969.75
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