Updated Oct 29, 2024
Station Companies Acquires Development Site In East Village For $7M
14 2nd Avenue, New York, NY 10003, USA
$7,000,000
$2,611/SF
Building Size
2,681 SF
Asset Type
Development Site
Closing
Oct 23, 2018
About this deal
AI
The development site located at 14 2nd Avenue in the East Village has been sold for a price of $7,000,000. The property spans an area of 16,140 square feet and has a price per buildable square foot (PBSF) of $433. The transaction took place on October 24, 2018.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,000,000
- Address: 14 2nd Avenue
- Market: East Village
- Total Square Footage: 16,140
- Price per Buildable Square Foot (PBSF): $433
The seller of the property was Evan Blum, while the buyer was Station Companies represented by Dan Vislocky. The sale was facilitated by Brandon Polakoff and James Nelson of Avison Young, who acted as the brokers for the transaction. It is worth noting that this particular property was one of two sites sold by Avison Young as part of a bankruptcy sale. The deal was finalized in under 90 days.
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