Minrav Development Acquires Development Site In Gramercy For $28.5M
SOLD
$28,500,000
New York
See Similar DealsDevelopment Site55,545 SF
Sold 02/05/2020
SOLD
Minrav Development Acquires Development Site In Gramercy For $28.5M
305 1st Avenue, Manhattan, New York, NY, USA
See Similar DealsDevelopment Site55,545 SF
Sold 02/05/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$513
Total Square Footage:55,545 SF
Transaction Type:Sale
Minrav Development, led by Yehuda Mor, has acquired a development site in Gramercy for $28,500,000. The property, located at 305, 307, 309, and 311 1st Avenue, is a development site with a zoning classification of C1-8A. The site spans a total of 55,545 square feet, resulting in a price per square foot of $513. The transaction took place on February 5, 2020.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $28,500,000
- Address: 305, 307, 309, and 311 1st Avenue
- Market: Gramercy
- Zoning: C1-8A
The seller in this transaction was CIM Group. The brokers involved in the deal were Lipa Lieberman, David Schechtman, and Abie Kassin from Meridian Capital Group. Additionally, the sale also included another property at 343 E 17th Street, which was sold for $12,000,000.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,519,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$101,254.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$135,104.54
Annual Debt Service$1,621,254.48
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