Lakshmi Capital Opportunity Zone Fund Acquires East Harlem Development Site For $7.1M
SOLD
$7,100,000
New York
See Similar DealsDevelopment Site
Sold 06/16/2022
SOLD
Lakshmi Capital Opportunity Zone Fund Acquires East Harlem Development Site For $7.1M
2031 Third Avenue
See Similar DealsDevelopment Site
Sold 06/16/2022
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
2031-2033 3rd Avenue in East Harlem has been sold for $7,100,000. This development site has a buildable square footage (BSF) of 43,875, resulting in a price per buildable square footage (PPBSF) of $161. The sale was facilitated by Ariel Property Advisors, with brokers Michael Tortorici, Mark Anderson, and Evan Hirsch representing the buyer, Lakshmi Capital Opportunity Zone Fund 1 LLC.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,100,000
- Address: 2031-2033 3rd Avenue
- Market: East Harlem
Ariel Property Advisors has been actively involved in the development and sale of MIH-designated sites in East Harlem. This transaction adds to their track record, having sold or put in contract over 575k buildable square feet of MIH development throughout New York City.
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30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$378,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$25,224.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,657.62
Annual Debt Service$403,891.47
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