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Lightstone Group Acquires Lower East Side Dev. Site For $57M From Seller Emmut Properties And Brokers Friedman Roth

Property Image
SOLD
$57,000,000
Richard Guarino
Marc Hershberg

New York

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Development Site75,000 SF
Sold 12/04/2018
the dealplayerscompscontact
Property Image
SOLD

Lightstone Group Acquires Lower East Side Dev. Site For $57M From Seller Emmut Properties And Brokers Friedman Roth

151-153 Bowery, Manhattan, New York, NY, USA

See Similar Deals
Development Site75,000 SF
Sold 12/04/2018
Richard Guarino
Marc Hershberg
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$760
Total Square Footage:75,000 SF
Transaction Type:Sale

A development site located at 151-153 Bowery and 331-337 Broome Street in the Lower East Side has been sold for a price of $57,000,000. The property consists of approximately 75,000 square feet, with a price per buildable square foot of $760. The seller of the site was Emmut Properties, and the buyer was Lightstone Group.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $57,000,000
  • Address: 151-153 Bowery and 331-337 Broome Street
  • Market: Lower East Side
  • Buildable Square Footage: 75,000
  • Price Per Buildable Square Foot: $760

The transaction was facilitated by brokers Richard Guarino and Marc Hershberg from Friedman Roth. They represented both the buyer, Lightstone Group, and the seller, Emmut Properties.

Players

Marc Hershberg
Friedman-Roth Realty
Marc Hershberg
2 deals$57M volume(917) 708-1965
BROKER
Richard Guarino
Friedman-Roth Realty
Richard Guarino
51 deals$293.6M volume
BROKER
Lightstone Group
Lightstone Group
BUYER
EP
Emmut Properties
SELLER
Lightstone Group
Lightstone Group
LENDER

Details

SOLD
IMAGE: Richard Guarino, David Licthenstein and Marc Hershberg DATE: 12/04/2018 ADDRESS: 151-153 Bowery and 331-337 Broome Street MARKET: Lower East Side ASSET TYPE: Dev. Site PRICE: $57,000,000 BSF: 75,000 ~ PPBSF: $760 SELLER: Emmut Properties BUYER: Lightstone Group BROKERS: Richard Guarino & Marc Hershberg - Friedman Roth

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$202,508.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$270,209.08
Annual Debt Service$3,242,508.96