Xinyuan Development Leases Development Site In Hells Kitchen To Diamond Braces & Bond Vet
615 10th Avenue & 615 10th Avenue, Manhattan, New York, NY, USA
Building Size
4,136 SF
Asset Type
—
Closing
Oct 31, 2020
About this deal
AI
A development site located at 615 10th Avenue in Hells Kitchen has been leased. The property is owned by Xinyuan Development and consists of a total of 4,136 square feet. The tenants for this site are Diamond Braces and Bond Vet.
Summary of transaction details
- Property Type: Development Site
- Address: 615 10th Avenue
- Market: Hells Kitchen
- Tenants: Diamond Braces & Bond Vet
The deal was facilitated by the brokers David Green and Daniel Kestenbaum from KSR, along with Cassie Durand from CBRE. The asking rent for the lease was set at $130-140 per square foot.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93