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York City, 1493 1st Avenue,...

Carmel Partners Acquires Development Site On Upper East Side For $73.5M
SOLDDevelopment Site

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

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

Jonathan Hageman

JLL

Broker

$2.6B

vol

60 deals

Broker
Ron Zeff

Ron Zeff

Carmel Partners

Buyer

$2.5B

vol

8 deals

Buyer

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

0.22%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93