facebook
Traded Co logo
Submit

Christoffer Brodhead, Howard Raber & Nikola Cosic Close $21M Midtown West Development Sale

Property Image
SOLD
$21,000,000
Nikola Cosic
Howard Raber
Christoffer (Chris) Brodhead

New York

See Similar Deals
Development Site
Sold 05/15/2024
the dealplayerscompscontact
Property Image
SOLD

Christoffer Brodhead, Howard Raber & Nikola Cosic Close $21M Midtown West Development Sale

240 West 54th Street

See Similar Deals
Development Site
Sold 05/15/2024
Nikola Cosic
Howard Raber
Christoffer (Chris) Brodhead
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

The development site located at 240 West 54th Street in Midtown West, Manhattan, was recently sold for $21,000,000. The property, which has a commercial as-of-right of 75,000 BSF and a residential as-of-right of 50,000 BSF, offers a significant development opportunity in a prime location.

Summary of transation details:

The deal was facilitated by Christoffer Brodhead, Howard Raber, and Nikola Cosic of Ariel Property Advisors. Their expertise and professionalism were instrumental in successfully closing the transaction for the development site. The property's prime location and potential for commercial and residential development make it a lucrative investment opportunity in the heart of Manhattan.

Players

Howard Raber
Ariel Property Advisors
Howard Raber
17 deals$180.6M volume
BROKER
Christoffer (Chris) Brodhead
Ariel Property Advisors
Christoffer Brodhead
13 deals$126.3M volume
BROKER
Nikola Cosic
Ariel Property Advisors
Nikola Cosic
9 deals$94.2M volume
BROKER

Details

SOLD
IMAGE: Christoffer Brodhead, Howard Raber & Nikola Cosic DATE: 05/15/2024 ADDRESS: 240 West 54th Street MARKET: Midtown West, Manhattan ASSET TYPE: Development Site BROKERS: Christoffer Brodhead (@TeamBrodhead), Howard Raber & Nikola Cosic (@Nikola.Cosic) - Ariel Property Advisors (@ArielPA.NYC) SALE PRICE: $21,000,000 NOTE FROM BROKER: As of right: 75,000 BSF (commercial) | 50,000 BSF (residential).

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,120,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56