Updated Oct 28, 2024
Naftali Group Acquires Development Site In Upper West Side For $71M
215 West 84th Street, Manhattan, New York, NY, USA
$71,000,000
$677/SF
Building Size
104,810 SF
Asset Type
Development Site
Closing
Jun 1, 2020
About this deal
AI
A development site located at 215 West 84th Street on the Upper West Side has been sold for a staggering $71,000,000 in a recent transaction. The property spans a total of 145,000 square feet and is valued at $489 per square foot. The buyer of the site is the Naftali Group, a prominent real estate development company.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $71,000,000
- Address: 215 West 84th Street
- Market: Upper West Side
- Square Footage: 145,000
- Price per Square Foot: $489
The Naftali Group was represented in the deal by brokers Bob Knakal, Stephen Palmese, Hall Oster, and John Hageman from JLL. These brokers facilitated the successful purchase of the development site on behalf of their client.
In addition to the sale price, a loan amount of $46,000,000 was secured for the transaction. Brokers Max Herzog and Scott Aiese from JLL were involved in arranging the loan for the Naftali Group.
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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93