Updated Dec 4, 2024
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
$57,000,000
$760/SF
Building Size
75,000 SF
Asset Type
Development Site
Closing
Dec 3, 2018
About this deal
AI
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.
On the Map
$57,000,000
$760/SF
Development Site
View full map
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Deal FAQ
Visit Richard Guarino to view all their deals.
Browse New York development site sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93