Yiannes Einhorn & Hal Einhorn Acquire Development Site In Chelsea For $31M
SOLD
$31,000,000
New York
See Similar DealsDevelopment Site16,376 SF
Sold 08/25/2021
SOLD
Yiannes Einhorn & Hal Einhorn Acquire Development Site In Chelsea For $31M
142 West 21st Street, Manhattan, New York, NY, USA
See Similar DealsDevelopment Site16,376 SF
Sold 08/25/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,893
Total Square Footage:16,376 SF
Transaction Type:Sale
A development site located at 142 West 21st St. in Chelsea has been sold for a price of $31,000,000. The site, which spans a lot size of 89 ft x 92 ft, is classified as a development site with a zoning designation of C6-3A. The transaction took place on 08/25/2021.
Summary of transaction details:
- Property Type: Development Site 🏗
- Transaction Amount: $31,000,000
- Address: 142 West 21st St.
- Market: Chelsea
- Zoning: C6-3A
The buyers of the property are Yiannes Einhorn and Hal Einhorn, who are affiliated with Grid Group. The sale price equates to a Building Square Footage (BSF) of 61,574 and a Price per BSF (PPBSF) of $503. The property has a total square footage (SF) of 16,376, with a Price per Square Foot (PPSF) of $1,893.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,653,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$110,136.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,955.82
Annual Debt Service$1,763,469.79
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