facebook
Traded Co logo
Submit a Deal

JNY Capital Acquires Development Site In Long Island City For $32.5M

38-42 12th Street
PointingArrow
ShareContact

This Development Site property located in NY was sold for $32,500,000 about 4 years ago. The brokers of the deal were Jakub Nowak and Jonathan Eshaghian

The development site located at 38-42 12th Street in Long Island City has been sold in a transaction dated 03/09/2020. The property, situated in the Long Island City market, spans approximately 319,200 square feet and is designated for commercial use.

Summary of transaction details

  • Property Type: Development Site
  • Sale Price: $32,500,000
  • Price per Buildable Square Foot (PPBSF): $101
  • Seller: United Hoisting Company Inc - Richard Halloran & Joe Covello
  • Buyer: JNY Capital - Moshe Pinsky
  • Brokers: Jakub Nowak & Jonathan Eshaghian - Marcus & Millichap @The_Nowak_Group

This transaction represents a joint venture between United Hoisting Company Inc, the land owners, and JNY Capital. The collaboration aims to bring a transformative commercial project to Long Island City. The proposed development, with a total buildable square footage of approximately 400,000, is expected to incorporate a blend of commercial, entertainment, and community facilities.

View Related

Deals
  • Location
    38-42 12th Street, Long Island City, NY, USA38-42 12th Street, Long Island City, NY, USA
  • Sale Price
    $32,500,000$32,500,000
    $101 PPSF$101 PPSF
  • Area
    319,200 SF319,200 SF
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

Jonathan Eshaghian

Jonathan Eshaghian

Deals14
Financed$82.7M

Jakub Nowak

Jakub Nowak

Deals67
Financed$352.8M

Agency

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

Social

Deal Summary

SALE IMAGE: Jakub Nowak & Jonathan Eshaghian DATE: 03/09/2020 ADDRESS: 38-42 12th Street MARKET: Long Island City ASSET TYPE: Development Site SELLER: United Hoisting Company Inc - Richard Halloran & Joe Covello BUYER: JNY Capital - Moshe Pinsky BROKERS: Jakub Nowak & Jonathan Eshaghian - Marcus & Millichap @The_Nowak_Group SALE PRICE: $32,500,000 BSF: 319,200 ~ PPBSF: $101 NOTE: This is a JV - United Hoisting being the Land Owners and JNY Capital are teaming up to bring a commercial project to Long Island City. “This 400K BSF development will feature a mix of commercial, entertainment and community uses and will be transformative for the LIC area.” Jakub Nowak

Comparables


We could not find what you were looking for, try a different filter

Contact

Broker's profile image

38-42 12th Street

  • Social

  • Comparables

  • Contact

  • Share


  • Login to Suggest Edits