Navnit Kumar Sells Development Site In Kips Bay, Manhattan For $7.1M
SOLD
$7,075,000
New York
See Similar DealsDevelopment Site14,863 SF
Sold 06/10/2022
SOLD
Navnit Kumar Sells Development Site In Kips Bay, Manhattan For $7.1M
140 Lexington Avenue, New York City, New York 10016, United States
See Similar DealsDevelopment Site14,863 SF
Sold 06/10/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$476
Total Square Footage:14,863 SF
Transaction Type:Sale
140 Lexington Avenue, a development site located in Kips Bay, Manhattan, has been sold for $7,075,000. The transaction took place on June 10, 2022. This asset consists of a total of 14,863 square feet, with a price per buildable square foot (PPBSF) of $476.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,075,000
- Address: 140 Lexington Avenue
- Market: Kips Bay, Manhattan
- Total Square Footage: 14,863
- Price per Buildable Square Foot (PPBSF): $476
Navnit Kumar served as the seller in this transaction. The listing and representation on behalf of the seller were handled by Howard Raber, Michael Tortorici, and Matthew Gillis from Ariel Property Advisors.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$377,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$25,135.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,539.11
Annual Debt Service$402,469.31
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