SOLDDevelopment Site
David Cohen Sells Development Site In Midtown West For $15M Through Highcap Group
245 West 34th Street & 247 West 34th Street
$15,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 18, 2024
AI
The development site located at 245-247 West 34th Street in Midtown West was sold for $15,000,000. The property spans 45,000 square feet with a price per buildable square foot of $333.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Address: 245-247 West 34th Street
- Market: Midtown West
- BSF: 45,000
- PPBSF: $333
- Seller: David Cohen
- Brokers: Charles Chang - Highcap Group
Charles Chang from Highcap Group represented the seller, David Cohen, in the transaction.
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
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93