Updated Oct 25, 2024
Noam Shemel Acquires Development Site On Upper East Side For $8.5M
1477 3rd Avenue, New York City, New York 10028, United States
$8,500,000
$1,791/SF
Building Size
4,745 SF
Asset Type
Development Site
Closing
Jul 14, 2022
About this deal
AI
The development site located at 1477 3rd Ave. in the Upper East Side was recently sold for $8,500,000. The property spans 4,745 square feet, with a price per square foot of $1,791. The buyer of the site was Noam Shemel, while the seller was Rodney Spring & Spring Swinehart. Representing the seller was Brett Weisblum from Cushman & Wakefield.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,500,000
- Address: 1477 3rd Ave.
- Market: Upper East Side
- Buyer: Noam Shemel
- Seller: Rodney Spring & Spring Swinehart
- Seller's Rep: Brett Weisblum - Cushman & Wakefield
- SF: 4,745
- PPSF: $1,791
1477 Third Avenue has been within the same ownership for over 150 years. This is the first time the building was offered for sale, as it has always been tenanted. The boutique high-end project will take advantage of the prime location and easy access to all the corridor has to offer.
Please reach out to Brett Weisblum at (212) 660-7784 or [email protected] for more information.
On the Map
$8,500,000
$1,791/SF
Development Site
View full map
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Deal FAQ
Visit Brett Weisblum to view all their deals.
Browse New York development site sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93