Updated Oct 29, 2024
Red Starr Investments & Haymax Capital Sell White Plains Development Site For $3.5M
136 Westmoreland Avenue, Syracuse, NY 13224
$3,525,000
$58/SF
Building Size
60,000 SF
Asset Type
Development Site
Closing
Aug 26, 2020
About this deal
AI
A development site located at 136-158 Westmoreland Ave. in White Plains has been sold for a total price of $3,525,000. The property, which includes an approved site plan for a 62 unit mixed-use development, offers a total BSF (Buildable Square Feet) of 60,000 and a PPBSF (Purchase Price per Buildable Square Feet) rate of $58. The transaction involved the buyer, whose identity has not been disclosed, and the sellers, Red Starr Investments and Haymax Capital.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $3,525,000
- Address: 136-158 Westmoreland Ave., White Plains
- Market: White Plains
- BSF: 60,000
- PPBSF: $58
- Units: 62
The deal was facilitated by brokers Christopher Gillis and Marion Jones of Cushman & Wakefield.
Players
City of Syracuse Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.50%
Cash-on-Cash
-1.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93