Updated Oct 29, 2024
Soho House Acquires Development Site At 137 Ludlow Street In LES For $15.3M
137 Ludlow St, New York, NY 10002, USA
$15,300,000
$1,748/SF
Building Size
8,752 SF
Asset Type
Development Site
Closing
Mar 11, 2020
About this deal
AI
The development site located at 137 Ludlow Street in the Lower East Side (LES) has been sold for the price of $15,300,000. The property spans an area of 8,752 square feet, resulting in a price per square foot (PPSF) of $1,748. The building itself has a total square footage (BSF) of 9,777, equating to a price per BSF (PPBSF) of $1,564.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $15,300,000
- Address: 137 Ludlow Street
- Market: LES
The buyer of the property is Soho House, a renowned private members' club, while the seller is Princeton Holdings, represented by Joseph Tabak. The deal involves the demolition of the existing building, which will then be integrated with the adjacent Ludlow Street location of SoHo House New York.
New York 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
1.04%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93