Updated Oct 29, 2024
$145M Construction Loan Secured By Torkian Group For Development Site In Yorkville, Manhattan
250 East 83rd Street, New York City, New York 10028, United States
$145,000,000
$604,166/SF
Building Size
240 SF
Asset Type
Development Site
Closing
Apr 17, 2023
About this deal
AI
The property involved in this closed transaction is a development site located at 250 East 83rd Street in the Yorkville neighborhood of Manhattan. The site spans approximately 240,000 square feet and is designated for the construction of 128 units. The transaction took place on November 23, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $145,000,000
- Address: 250 East 83rd Street, Yorkville, Manhattan
- Market: Yorkville, Manhattan
- Size: 240,000 SF
- Units: 128
The lender in this deal was Valley National Bank, providing a construction loan of $145,000,000. The landlord of the property is Torkian Group, led by Hersel Torikian.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93