Artimus Acquires Development Site In Harlem, Manhattan For $16.9M
East 131st Street, & 133rd Street
$16,950,000
Building Size
—
Asset Type
Development Site
Closing
Aug 31, 2023
AI
A 50 percent stake in two non-adjacent development parcels on Amsterdam Avenue in Harlem, Manhattan has been sold for $16.9 million. The property was acquired by Artimus, operating through 1440 Art JV Member LLC, from Cityscapes Realty's Lefkas Realty LLC.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $16,950,000
- Buyer: Yoav Haron - Artimus
- Seller: Spyridon Papakonstadinou - Cityscapes Realty
- Address: 131st Street & 133rd Street
- Market: Harlem, Manhattan
Yoav Haron from Artimus, along with Cityscapes Realty's Spyridon Papakonstadinou, were the key individuals involved in this transaction. The buyer acquired a 50 percent stake in the development site from the seller's company, Lefkas Realty LLC.
Players
Street 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
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93