Updated May 12, 2025
Josef Goodman And Jake Sokol Acquire Development Site In West Harlem For $7.5 Million
16 Convent Avenue
$7,500,000
$737/SF
Building Size
10,166 SF
Asset Type
Development Site
Closing
May 6, 2025
About this deal
AI
The development site located at 16 Convent Avenue in West Harlem has been sold for $7,500,000. The total building square footage is 10,166, with a built square footage of 50,923, which results in a price per built square foot of $147.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,500,000
- Address: 16 Convent Avenue
- Market: West Harlem
- BSF: 50,923
- PPBSF: $147
- SF: 10,166
The buyers of the property are Josef Goodman and Jake Sokol, with Jay Bernstein from Besen Partners representing the seller in this transaction. The project is set to include 75 units developed under the 485-x tax incentive program and is located within an Opportunity Zone. Notably, this was an all cash closing. Interested parties can reach out to Jake Sokol at [email protected] for new opportunities.
On the Map
$7,500,000
$737/SF
Development Site
View full map
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Deal FAQ
Visit Jay Bernstein 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
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93