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2311 12th Avenue, New York ...

Updated Dec 21, 2023

Sharon Colbum Acquires Package Deal In Harlem, Manhattan For $3M
SOLD

Sharon Colbum Acquires Package Deal In Harlem, Manhattan For $3M

2311 12th Avenue, New York City, New York 10027, United States

$3,000,000

$6/SF

Building Size

440,102 SF

Asset Type

Closing

Dec 29, 2021

About this deal

AI

A package deal involving multiple properties in Harlem, Manhattan has been closed for a total price of $3,000,000. The properties included in the deal are located at 3281, 3289, and 3291 Broadway, 2321 and 2307 Joe Dimaggio Highway, 602, 609, 615, 624, and 640 West 132 Street, as well as N/A West 132 Street, 3259 Broadway, and 2311 12 Avenue. The total square footage of the properties is 440,102, resulting in a price per square foot of $6. The properties have a total lot size of 1,700 and fall under zoning regulation C6-1 and MMU. The transaction took place on December 30, 2021, between the buyer, Sharon Colbum, and the seller, Elizabeth Fine.

Summary of transaction details

  • Property Type: Package Deal with multiple properties
  • Transaction Amount: $3,000,000
  • Square Footage: 440,102
  • Price per Square Foot: $6
  • Lot Size: 1,700

Sharon Colbum acted as the buyer in the deal while Elizabeth Fine represented the seller. The properties involved in this transaction have a floor area ratio (FAR) of 1.78 and a tax class of 1. Additionally, an alteration permit was obtained for the properties on October 14, 2004. The lot dimensions for the properties measure 24.92 ft x 100 ft.

Players

New York CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Deal FAQ

About $6 per square foot on a published $3M for 440,102 square feet (2021).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.29%

Cash-on-Cash

-1.51%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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