Carmel Partners Acquires Development Site On Upper East Side For $73.5M
York City, 1493 1st Avenue, New New York 10075, United States
$73,500,000
Building Size
—
Asset Type
Development Site
Closing
Jan 7, 2022
AI
Located at 1487-1493 First Avenue on the Upper East Side, this development site is a valuable asset for potential investors. The property spans a lot size of 2,550 square feet, with dimensions of 25.5 feet by 100 feet. Its zoning is classified as C2-8, offering prime potential for development. The site currently holds permits for a place of assembly, obtained on September 14, 2004. With a floor area ratio (FAR) of 3.11 and a tax class of 4, this property presents an exciting opportunity for growth and expansion.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $73,500,000
- Market: Upper East Side
- Buyer: Carmel Partners - Ron Zeff
- Brokers: Bob Knakal & John Hageman - JLL
The transaction was facilitated by the renowned brokerage team of Bob Knakal and John Hageman from JLL, who represented the buyer, Carmel Partners. Their expertise and experience in the real estate market were instrumental in navigating the complexities of this deal. Ron Zeff, from Carmel Partners, played a pivotal role as the buyer's representative, ensuring a smooth and successful transaction. With their combined efforts, they secured the acquisition of this valuable development site for $73,500,000.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93