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1440 Amsterdam Avenue

Artimus Construction Acquires Development Site In Manhattanville From Spyro Lefkas For $22M
SOLDDevelopment Site

Artimus Construction Acquires Development Site In Manhattanville From Spyro Lefkas For $22M

1440 Amsterdam Avenue

$22,000,000

Building Size

Asset Type

Development Site

Closing

Aug 31, 2023

AI

A development site located at 1440 Amsterdam Avenue in Manhattanville has been sold for a total of $22,000,000. The property was acquired by Artimus Construction from the seller, Spyro Lefkas. The transaction was facilitated by the broker representatives Vickram Jambu and Steven Rutman from JLL.

Summary of transaction details

Additionally, it's worth noting that Spyro Lefkas sold their 50% interest in the project to Artimus Construction.

Players

Steven Rutman

JLL

Broker

$9.7B

vol

70 deals

Broker
AC
Artimus ConstructionBuyer

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

0.72%

Cash-on-Cash

-0.21%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93