Ariel Sayani & Jordan Petito Purchase Development Site On South Figueroa Street For $1.25M
6719 South Figueroa Street & 6801 South Figueroa Street
$1,250,000
$36/SF
Building Size
34,000 SF
Asset Type
Development Site
Closing
Apr 15, 2024
AI
The development site located at 6719 & 6801 South Figueroa Street in Los Angeles has been sold for $1,250,000. Spanning 17,000 square feet, the transaction resulted in a price per square foot of $74.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,250,000
- Buyer: Ariel Sayani & Jordan Petito
- Seller: Jack Konjayan
- Buyer's Representative: Jordan Petito - Partners CRE
- Address: 6719 & 6801 South Figueroa Street
- Market: Los Angeles
Ariel Sayani and Jordan Petito acquired the property with plans to entitle 105 units through Los Angeles's new ED1 program, aiming to develop affordable housing.
Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
12.69%
Cash-on-Cash
-3.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93