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119 W 145th St, New York, N...

Cayre Equities Acquires Development Site On 145th Street In Harlem For $10.5M
SOLDDevelopment Site

Cayre Equities Acquires Development Site On 145th Street In Harlem For $10.5M

119 W 145th St, New York, NY 10039, USA & 119 W 145th St, New York, NY 10039, USA

Building Size

384,692 SF

Asset Type

Development Site

Closing

May 3, 2018

AI

The development site located at 119 West 145th Street in Harlem, New York, has been sold for a price of $10,500,000. The property, which spans a total of 34,972 square feet, was sold at a price per buildable square foot of $300.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $10,500,000
  • Address: 119 West 145th Street
  • City: New York
  • Market: Harlem
  • Buildable Square Footage: 34,972 SF
  • Price per Buildable Square Foot: $300
  • Seller: Platinum Realty Associates - Koptiev Family & RW Real Estate Group
  • Buyer: Cayre Equities - Ken Cayre

Platinum Realty Associates, represented by the Koptiev Family and RW Real Estate Group, sold the property to Cayre Equities, led by Ken Cayre.

It is worth noting that Platinum Realty Associates had initially purchased the Getty Gas station on the lot for $4.62 million.

Players

Kenneth Cayre

Cayre Equities

Buyer

$99.5M

vol

5 deals

Buyer
Real Estate Group
Real Estate GroupSeller

New York Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

Loading comparables…

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