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238 E 3rd St #240, New York...

Craftwood Partners Acquires DevSite In Manhattan From The Blue Man Group For $12M
SOLDDevelopment Site

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

Andrew Berry

Cushman & Wakefield

Broker

$410.9M

vol

33 deals

Broker
Michael Lohan
Verified Badge

Michael Lohan

Nineteen Blocks

Broker

$643.3M

vol

15 deals

Broker

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