New York City · Commercial sale

Ciampa Bay Terrace buys 23-50 Waters Edge Drive in Queens for $28.5 million

An apartment building at 23-50 Waters Edge Drive, Queens sold for $28,500,000 on October 8, 2026. See the seller and buyer net sheets for this sale.

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Automated sale report from public sales records · How we make these · Published November 11, 2026

Sold October 8, 2026 · New York, New York

Aerial view of 23-50 Waters Edge Drive, Queens with the parcel outlined — Aerial photo: U.S. Geological Survey. Parcel outline: NYC Department of Finance. The photo can predate the sale. See the full listing on Zillow.

Aerial photo: U.S. Geological Survey. Parcel outline: NYC Department of Finance. The photo can predate the sale. See the full listing on Zillow.

Sale price: $28,500,000
Sold: October 8, 2026
Property type: Apartment building
Building area: 146,525 sq ft
Price per sq ft: $195
Year built: 1969

Seller and buyer net sheets for this sale

Seller Buyer

NetSheet.orgOctober 8, 2026

Seller's estimated net sheet

23-50 Waters Edge Drive, Queens

Sale price	$28,500,000
Prorations
Property tax proration (refund to seller)	$341,414.38
Title and settlement
Settlement / closing fee	$250
Seller's attorney fee	$1,500
Transfer taxes and recording
NY State real estate transfer tax	$114,000
NY State additional transfer tax (NYC non-residential $2M+)	$71,250
NYC real property transfer tax (commercial/other)	$748,125
Other costs
Wire / courier / payoff processing	$75
Total deductions	$935,200
Estimated net to seller	$27,906,214.38

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NetSheet.orgOctober 8, 2026

Buyer's estimated net sheet

23-50 Waters Edge Drive, Queens

Purchase price (cash)	$28,500,000
Title and settlement
Owner's title insurance policy	$88,007.55
Settlement / closing fee	$250
Buyer's attorney fee	$2,000
Transfer taxes and recording
Deed recording fee	$250
Prorations
Reimburse seller for prepaid taxes	$341,414.38
Closing costs and prepaids	$431,921.93
Estimated cash to close	$28,931,921.93

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What these figures assume

No brokerage commission is shown: commissions on commercial deals vary and are not in the public record.
The seller figure is before any loan payoff.
The buyer side assumes a cash purchase with no financing.
Annual property tax estimated at 1.65% of price ($470,250).
Title and settlement fees are typical estimates, not quotes.

Selling in Queens?

New York City transfer tax and closing costs

At $28,500,000, the apartment building at 23-50 Waters Edge Drive sold for 52% above its $18,731,000 market value on record. The New York City Department of Finance's ACRIS property records show the sale closed on October 8, 2026.

The deed lists Mindel Holdings LLC and Smolian II LLC as the sellers and Ciampa Bay Terrace LLC as the buyer.

New York City Department of Finance records show 146,525 square feet of building area on a 1.21-acre lot. The building was built in 1969. The sale price works out to $195 per square foot.

This summary was written by AI from public sales records and checked by automated rules. The figures come from the record and the NetSheet.org rules engine. How we make these.

What were the closing costs in New York City?

By our estimate, the seller's two largest charges, not counting prorations, were $748,125 for the nYC real property transfer tax (commercial/other) and $114,000 for the nY State real estate transfer tax. Who pays what follows New York City custom.

How much did the seller net?

By our estimate, the seller netted about $27,906,214. That is before any broker commissions and any loan payoff.

How much cash did the buyer bring to closing?

A cash buyer would need about $28,931,922 at closing. That covers the full price and closing costs.

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23-50 Waters Edge Drive, Queens, NY.

Source: NYC Department of Finance, ACRIS (NYC Open Data), document 2026101300598001. Property details: NYC Department of Finance. Net sheets are estimates from the NetSheet.org rules engine, not the parties' actual closing statements. Request a correction or removal.