Peter Fine Acquires Development Site On 2nd Avenue In East Harlem For $28.5M
1986 2nd Avenue, East Harlem, New York, NY, USA
$28,500,000
$268/SF
Building Size
106,000 SF
Asset Type
Development Site
Closing
Dec 11, 2018
AI
Charles Dayan has sold a development site located at 1986-1998 2nd Avenue in East Harlem for a price of $28.5 million. The buyer of the site is Peter Fine. The transaction was facilitated by Itanel Rahmani and Rotem Elias from VCPRE.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $28.5 million
- Date: 12/12/2018
- Address: 1986-1998 2nd Avenue, East Harlem
- Market: East Harlem
- Asset Type: Development Site
- Seller: Charles Dayan
- Buyer: Peter Fine
- Broker: Itanel Rahmani and Rotem Elias @VCPRE
The development site, purchased by Peter Fine from Charles Dayan, will be used to build 160 residential units and 14,000 square feet of retail space. The property is covered under the 421A 70/30 program. Itanel Rahmani personally assembled the site for Dayan in 2015 by acquiring it from 4 separate owners.
Players
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
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93