Updated Feb 16, 2024
Michael Volpe @highcap_group Secures $4.65M Construction Financing For UWS Development Site
307 W 71st St, New York, NY 10023, USA
$4,650,000
$101/SF
Building Size
46,000 SF
Asset Type
Development Site
Closing
Jan 27, 2020
About this deal
AI
A development site located at 307 West 71st Street in the Upper West Side (UWS) has been involved in a closed transaction. The property, spanning 4,600 square feet, is set to undergo a conversion from a 9-unit building into a luxury townhouse equipped with an elevator. The loan amount of $4,650,000 was provided by Bank of Hope as construction financing with interest-only terms.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $4,650,000
- Address: 307 West 71st Street
- Market: UWS
- Lender: Bank of Hope
- Landlord: Alex & Sung Kim
- Broker: Michael Volpe @highcap_group
- Square Footage: 4,600
Michael Volpe from Highcap Group represented the parties involved in this deal as the broker.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.41%
Cash-on-Cash
-0.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93