Artimus Construction Acquires Development Site In Manhattanville From Spyro Lefkas For $22M
SOLD
$22,000,000
New York
See Similar DealsDevelopment Site
Sold 08/31/2023
SOLD
Artimus Construction Acquires Development Site In Manhattanville From Spyro Lefkas For $22M
1440 Amsterdam Avenue
See Similar DealsDevelopment Site
Sold 08/31/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
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
- Property Type: Development Site
- Transaction Amount: $22,000,000
- Address: 1440 Amsterdam Avenue
- Market: Manhattanville
- Buyer: Artimus Construction
- Seller: Spyro Lefkas
- Brokers: Vickram Jambu and Steven Rutman from JLL
Additionally, it's worth noting that Spyro Lefkas sold their 50% interest in the project to Artimus Construction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,173,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69
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