Updated Oct 29, 2024
Episcopal Church Sells Staten Island Dev Site For $6M, Plans To Develop Single Family Homes
1055 Richmond Rd, Staten Island, NY, USA
$6,000,000
$58/SF
Building Size
103,500 SF
Asset Type
Development Site
Closing
Feb 7, 2021
About this deal
AI
A development site located at 1055 Richmond Rd in Staten Island has been sold for $6,000,000. The property, sitting on a lot size of 103,500 square feet, is zoned as R1-2. The buyer plans to sub-divide the existing lot into 19 smaller lots and develop single-family homes.
Summary of transation details
- Property Type: Dev Site
- Transaction Amount: $6,000,000
- Market: Staten Island
- Zoning: R1-2
- Address: 1055 Richmond Rd.
- Lot Size: 103,500 SF
The seller of the property was the Episcopal Church. Full demolition permits were filed in January 2021 in preparation for the development plans. The project aims to construct single-family homes on the newly created smaller lots. The buyer is represented by their respective broker in this transaction.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
About $58 per square foot on a published $6M for 103,500 square feet (2021).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93