Updated Dec 4, 2024
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
About this deal
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
- 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.
On the Map
$22,000,000
Development Site
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Players
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