Updated Oct 29, 2024
Michael Kirchmann And Alan Rudikoff Acquire Development Site In Chelsea For $22.6M
118 10th Avenue
Building Size
—
Asset Type
Development Site
Closing
Jun 2, 2020
About this deal
AI
118 10th Ave, located in Chelsea, is a development site that has been recently sold. The property was purchased for a total of $22,600,000. With a buildable square footage (BSF) of 100,000, the price per buildable square footage (PPBSF) was estimated to be $226.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $22,600,000
- BSF: 100,000
- PPBSF: $226
The sale was facilitated by Eastdil brokers Evan Layne and Brett Siegel. The seller of the property was Real Estate Equities Corporation. On the buyer's side, Michael Kirchmann and Alan Rudikoff, representing GDSNY and Klovern of Sweden respectively, acquired the development site.
On the Map
Development Site
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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