Updated Oct 29, 2024
TLM Equities & Vault Development Acquire Development Site On Lower East Side For $8.7M
66 Clinton St, East Side, Manchester, CT, USA
$8,700,000
$532/SF
Building Size
16,348 SF
Asset Type
Development Site
Closing
Apr 30, 2019
About this deal
AI
The development site located at 66 Clinton St in the Lower East Side has been sold for a price of $8,700,000. The property spans a total of 16,348 square feet, resulting in a price per square foot of $532. The site includes a three-story, 4,340-square-foot building and an adjacent vacant lot. It has been acquired by TLM Equities & Vault Development, represented by Matt Levine & Rob Zecher.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,700,000
- Date: 05/01/2019
- Address: 66 Clinton St
- Market: Lower East Side
The sale of the property was facilitated by brokers Daniel Kaplan and Justin Arzi from CBRE. The buyer, TLM Equities & Vault Development, plans on developing the site into a boutique residential property. It is worth noting that the seller, New Life of New York City, is a youth engagement organization that will be relocating to a new outer-borough location.
Players
Manchester 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
1.82%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93