DH Property Holdings Acquires Development Site In Staten Island For $65M
SOLD
$65,000,000
+ 2
New York
See Similar DealsDevelopment Site1,426,035 SF
Sold 01/05/2021
SOLD
DH Property Holdings Acquires Development Site In Staten Island For $65M
1900 South Avenue, Staten Island, NY, USA
See Similar DealsDevelopment Site1,426,035 SF
Sold 01/05/2021
+ 2
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$45
Total Square Footage:1,426,035 SF
Transaction Type:Sale
A development site located at 1900 South Avenue in Staten Island has been sold for $65,000,000. The property covers an area of 4.3 acres and is zoned as M3-1. The transaction took place on January 5, 2021.
Summary of transation details
- Property Type: Development site
- Transaction Amount: $65,000,000
- Address: 1900 South Avenue
- Market: Staten Island
- Zoning: M3-1
The buyer of the property is DH Property Holdings, represented by Dov Hertz. The sellers are Robert & Neil Vanderbilt. The deal was facilitated by brokers John Alascio, Sri Vankayala, Chuck Kohaut, TJ Sullivan, and Emily Johansen from Cushman & Wakefield.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,466,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$230,931.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$308,133.16
Annual Debt Service$3,697,597.94
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