Sumaida & Khurana & Bizzi Partners Acquire Development Site In Washington Heights, Manhattan For $12M
29 Overlook Terrace, New York City, New York 10033, United States
$12,000,000
Building Size
—
Asset Type
Development Site
Closing
Jan 27, 2022
AI
A development site located at 29 Overlook Terrace & 524 Ft. Washington Avenue in Washington Heights, Manhattan has been sold for $12,000,000. The property, which is situated in a prime location, was acquired by Sumaida + Khurana & Bizzi Partners from the seller, Amalgamated Bank.
Summary of Transaction Details:
- Property Type: Development Site
- Transaction Amount: $12,000,000
- Market: Washington Heights, Manhattan
- Buyer: Sumaida + Khurana & Bizzi Partners
- Seller: Amalgamated Bank
The deal was facilitated by the brokers Victor Sozio, Shimon Shkury, and James Nestor from Ariel Property Advisors. Their expertise and negotiation skills played a crucial role in successfully closing 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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93