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Naftali Group Acquires Ground Lease For Development Site At 301 3rd Avenue In Kips Bay, Manhattan For $12.5M
SOLD
$12,500,000
New York
See Similar DealsDevelopment Site14,456 SF
Sold 08/22/2023
SOLD
Naftali Group Acquires Ground Lease For Development Site At 301 3rd Avenue In Kips Bay, Manhattan For $12.5M
301 3rd Ave New York, NY 10010, USA
See Similar DealsDevelopment Site14,456 SF
Sold 08/22/2023
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$864
Total Square Footage:14,456 SF
Transaction Type:Sale
A ground lease valued at $12.5 million has been secured by Naftali Group, represented by 201 East 23rd Street Tenant LLC, with BNS Real Estate's Snake River Development LLC. The lease is for the corner development site located at 301 Third Avenue in Kips Bay, Manhattan. The property, a development site, spans 72,270 square feet and has a price per buildable square foot (PPBSF) of $173. The total square footage is 14,456 with a price per square foot (PPSF) of $865.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $12,500,000
- Buyer: Naftali Group - Miki Naftali
- Seller: BNS Real Estate - Bradford S. Barr
- Address: 301 3rd Avenue
- Market: Kips Bay, Manhattan
The buyer, Naftali Group, is led by Miki Naftali. The seller in this transaction is BNS Real Estate, specifically represented by Bradford S. Barr. This ground lease represents a significant investment opportunity for Naftali Group, allowing them to develop the corner site at 301 Third Avenue in Kips Bay, Manhattan.
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30 years
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$44,409.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,256.38
Annual Debt Service$711,076.53
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