Updated Oct 29, 2024
Delancey Street Associates Acquires Affordable Housing Development Site In Manhattan
140 Essex St, New York, NY 10002, USA
Building Size
11,156 SF
Asset Type
Development Site
Closing
Oct 31, 2017
About this deal
AI
The affordable housing development site located at 140 Essex Street in New York City's Manhattan market has been sold for a price of $7,000,000. The property spans a total of 11,156 square feet.
Summary of transaction details:
- Property Type: Affordable Housing Dev Site
- Transaction Amount: $7,000,000
- Address: 140 Essex Street, New York
- Market: Manhattan
The seller of the property is the NYC Economic Development Corporation (@nycedc), while the buyer is Delancey Street Associates – Housing Development Fund Corporation. The building on the site will be dedicated to housing low-income seniors with an annual income of $40,000 or less. It will provide 92 studios for these seniors, fulfilling an important need within the community.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93