Updated Dec 4, 2024
Ken Horn Joel Breitkopf And Brian Ray Of Alchemy-ABR Investment Partners Acquire Development Site In Upper East Side For $33.7M
1482-1486 1st Avenue
$33,700,000
$383/SF
Building Size
88,000 SF
Asset Type
Development Site
Closing
Sep 5, 2024
About this deal
AI
The development site located at 1482-1486 1st Avenue in the Upper East Side market was sold for $33,700,000. The total square footage of the property is 88,000, which translates to a price per square foot of $383.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $33,700,000
- Address: 1482-1486 1st Avenue
- Market: Upper East Side
- Square Footage: 88,000
- Price per Square Foot: $383
- Buyer: Ken Horn, Joel Breitkopf & Brian Ray - Alchemy-ABR Investment Partners
- Seller: Parkoff Organization & Prize Network Group
- Broker: Ido Tzaidi - IDRE Commercial Realty
Alchemy-ABR Investment Partners, led by Ken Horn, Joel Breitkopf, and Brian Ray, has acquired the adjacent buildings in an off-market deal. The specifics of the development plans for the site have not been disclosed, and the acquisition includes air rights from neighboring properties.
On the Map
$33,700,000
$383/SF
Development Site
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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
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93