Craftwood Partners Acquires DevSite In Manhattan From The Blue Man Group For $12M
238 E 3rd St #240, New York, NY 10009, USA
Building Size
21,004 SF
Asset Type
Development Site
Closing
Apr 17, 2018
AI
A developer site located at 238-240 East 3rd Street in Manhattan, New York, has been sold for a price of $12,000,000. The property spans 21,004 square feet and has a price per buildable square foot (PPBSF) of $571. The transaction involved the seller, The Blue Man Group, and the buyer, Craftwood Partners.
Summary of transaction details
- Property Type: DevSite
- Transaction Amount: $12,000,000
- Address: 238-240 East 3rd Street, Manhattan, New York
- Market: Manhattan
- Building Square Footage: 21,004 sf
- Price per Buildable Square Foot (PPBSF): $571
- Seller: The Blue Man Group
- Buyer: Craftwood Partners
Cushman & Wakefield’s team, consisting of Michael DeCheser, Mei Ling Wong, Andrew Berry, and Bryan Hurley, represented the buyer and seller in the deal.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93