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
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.
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