Updated Nov 28, 2024
Minrav Development Acquires Development Site In Gramercy For $28.5M
305 1st Avenue, Manhattan, New York, NY, USA
$28,500,000
$513/SF
Building Size
55,545 SF
Asset Type
Development Site
Closing
Feb 4, 2020
About this deal
AI
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.
On the Map
$28,500,000
$513/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93