Updated Dec 4, 2024
Chetrit Group Acquires Development Site On 265 Cherry Street, Lower East Side For $78M
265 Cherry Street, New York City, New York 10002, United States
$78,000,000
$248/SF
Building Size
313,410 SF
Asset Type
Development Site
Closing
Apr 11, 2022
About this deal
AI
A development site located at 265 Cherry Street in the Lower East Side has been sold for a price of $78,000,000. The property was bought by Chetrit Group from sellers CIM Group and L+M Development Partners. This development site spans 313,410 square feet and has a price per buildable square foot (PPBSF) of $248.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $78,000,000
- Address: 265 Cherry Street
- Market: Lower East Side
- Buyer: Chetrit Group
- Seller: CIM Group & L+M Development Partners
- BSF: 313,410
- PPBSF: $248
The Chetrit Group acquired the development site at 265 Cherry Street from the sellers CIM Group and L+M Development Partners. This transaction represents a significant milestone for the Lower East Side market, highlighting the demand for development opportunities in the area.
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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93