Updated Oct 29, 2024
Hopson Development Holdings Acquires Development Site In Midtown Manhattan For $115M
131 E 47th St, New York, NY 10017, USA
$115,000,000
$628/SF
Building Size
183,000 SF
Asset Type
Development Site
Closing
Dec 18, 2019
About this deal
AI
The development site located at 131-141 East 47th Street in Midtown has been sold for a total of $115,000,000. The property spans 183,000 square feet and has a price per buildable square foot (PPBSF) of $628. The site is planned to be redeveloped into a 34-story building with 200 units.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $115,000,000
- BSF: 183,000 square feet
- PPBSF: $628
- Plans: 34 stories spanning 183,000 square feet, 200 units
Hopson Development Holdings has acquired the property from Bentley Zhao, who was represented by New Empire Real Estate Development in the transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93