Welltower And Hines Acquire Development Site On Broadway In Manhattan For $61M
SOLD
$61,000,000
New York
See Similar DealsDevelopment Site610,000,000 SF
Sold 11/12/2018
SOLD
Welltower And Hines Acquire Development Site On Broadway In Manhattan For $61M
2330 Broadway, New York, NY 10024, USA
See Similar DealsDevelopment Site610,000,000 SF
Sold 11/12/2018
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$0
Total Square Footage:610,000,000 SF
Transaction Type:Sale
A development site located at 2330 Broadway in Manhattan has been sold for a price of $61,000,000. The property is a development site with a total square footage of 140,000 square feet. The sale price per square foot is $435.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $61,000,000
- Address: 2330 Broadway, Manhattan
- Market: Manhattan
- Representatives: Sarah Hawkins and Bevin Littlehale - Hines, John Olympitis and Talal Khan - Welltower
The deal was facilitated by Sarah Hawkins and Bevin Littlehale from Hines, representing the buyer, Welltower, and John Olympitis and Talal Khan from Welltower. The seller of the property is Beekman Estate.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,253,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$216,720.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$289,171.12
Annual Debt Service$3,470,053.45
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