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Artimus Acquires Development Site In Harlem, Manhattan For $16.9M
SOLD
$16,950,000
Maryland
See Similar DealsDevelopment Site
Sold 08/31/2023
SOLD
Artimus Acquires Development Site In Harlem, Manhattan For $16.9M
East 131st Street, & 133rd Street
See Similar DealsDevelopment Site
Sold 08/31/2023
Summary
MARYLAND
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$904,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$60,219.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$80,351.65
Annual Debt Service$964,219.77
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