Amar Mody & Basilio Rivera Of Sotheby's Int. Realty Acquire Development Site In Jersey City For $6.25M
61 Sip Avenue & 63 Sip Avenue
$6,250,000
Building Size
—
Asset Type
Development Site
Closing
Dec 27, 2023
AI
An approved development site in Jersey City's Journal Square section has been sold for a price of $6,250,000. The property, located at 61-63 Sip Avenue, offers the potential for a 72-unit development. The transaction was facilitated by the buyer's representatives, Amar Mody and Basilio Rivera of Prominent Properties Sotheby's International Realty.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,250,000
- Address: 61-63 Sip Avenue
- Market: Jersey City
- Buyer's Rep: Amar Mody & Basilio Rivera - Sotheby's International Realty
This successful sale marks another achievement for Amar Mody and Basilio Rivera of Prominent Properties Sotheby's International Realty. Their expertise and representation have proved beneficial in the acquisition of this development site in the Journal Square area of Jersey City.
Players
Jersey City 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
2.54%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93