CBRE Brokers $14.5M Development Site Sale In Harrison With Future Multifamily Plans
15 Essex St, Harrison, NJ, 07029
$14,500,000
$62/SF
Building Size
233,000 SF
Asset Type
Development Site
Closing
Nov 22, 2023
AI
The property involved in the transaction is a development site located at 15 Essex St, Harrison, NJ, which encompasses a five-acre lot. This site includes a 233,000-square-foot industrial facility, as well as a vacant lot. The transaction was valued at $14,500,000.00.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $14,500,000.00
- Address: 15 Essex St, Harrison, NJ, 07029
- Market: Harrison
- Size: 233,000 SF
- Seller's Representative: Paul Touhey - CBRE
- Buyer: Undisclosed
Charles Berger, Elli Klapper, Mark Silverman, Thomas Sullivan, and Paul Touhey of CBRE represented the undisclosed seller in this transaction. The buyer plans to demolish the existing industrial facility to develop a multifamily project on the site.
Players
Harrison 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
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93