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EJS Group Acquires Upper East Side Development Site For $32.3M

Property Image
SOLD
$32,325,000
Solomon Michailow
Robert (Bob) Knakal
Jonathan (Jon) Hageman
+ 2

New York

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Development Site75,000 SF
Sold 03/04/2021
the dealplayerscompscontact
Property Image
SOLD

EJS Group Acquires Upper East Side Development Site For $32.3M

1303 Third Ave, Manhattan, New York, NY, USA

See Similar Deals
Development Site75,000 SF
Sold 03/04/2021
Solomon Michailow
Robert (Bob) Knakal
Jonathan (Jon) Hageman
+ 2
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$431
Total Square Footage:75,000 SF
Transaction Type:Sale

The development site at 1303 & 1309 Third Ave. on the Upper East Side has been sold for a price of $32,325,000. The site has a lot dimension of 82.17 ft x 94.7 ft and offers a total buildable square footage (BSF) of 75,000 with a price per buildable square footage (PPBSF) of $431. This prime location presents a great opportunity for development in the vibrant Upper East Side market.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $32,325,000
  • Address: 1303 & 1309 Third Ave.
  • Market: Upper East Side
  • Buildable Square Footage (BSF): 75,000
  • Price per Buildable Square Footage (PPBSF): $431

The buyers of this development site are EJS Group. The deal was facilitated by brokers Guthrie Garvin, Bob Knakal, Jonathan Hageman, Solomon Michailow, and Jack Norton from JLL. Their expertise and market knowledge played a crucial role in the successful transaction. This acquisition showcases the strong demand for development opportunities in the Upper East Side market.

Players

Jonathan (Jon) Hageman
JLL
Jonathan Hageman
59 deals$2.5B volume(212) 812-5995
BROKER
Robert (Bob) Knakal
BK Real Estate Advisors
Robert Knakal
64 deals$3.2B volume(907) 509-9501
BROKER
Guthrie Garvin
JLL
Guthrie Garvin
41 deals$910.9M volume
BROKER
Jack Norton
JLL
Jack Norton
15 deals$303.4M volume
BROKER
Solomon Michailow
S2 Property Group
Solomon Michailow
13 deals$198.9M volume
BROKER
EG
EJS Group
BUYER

Details

SOLD
IMAGE: Bob Knakal, Solomon Michailow, Guthrie Garvin, Jack Norton & Jonathan Hageman DATE: 03/04/2021 ADDRESS: 1303 & 1309 Third Ave. MARKET: Upper East Side ASSET TYPE: Development Site ~ FAR: 10 BUYER: EJS Group BROKERS: Guthrie Garvin, Bob Knakal (@BobKnakalNYC), Jonathan Hageman, @SolomonMichailow & Jack Norton @JLL SALE PRICE: $32,325,000 BSF: 75,000 ~ PPBSF: $431 LOT DIMENSIONS: 82.17 ft x 94.7 ft

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,723,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$114,843.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$153,236.99
Annual Debt Service$1,838,843.90