Station Cos Acquires Development Site At 14 2nd Ave For $7M
14 2nd Ave, New York, NY, 10003
$7,000,000
$465/SF
Building Size
15,042 SF
Asset Type
Development Site
Closing
Nov 22, 2023
AI
The vacant development site located at 14 Second Ave in New York, NY, 10003, has been sold for $7,000,000. The property offers 15,042 buildable square feet in the East Village of Manhattan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,000,000.00
- Market: New York
- Seller's Representative: Toku Saito
- Buyer: Station Cos
The sale was brokered by James Nelson, Brandon Polakoff, and Toku Saito of Avison Young. The buyer, Station Cos, intends to construct a 10-story residential building featuring full-floor condominium units on the purchased property.
Players
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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93