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310 West 144th Street

Steven Westreich Of Westbridge Realty Group Acquires Development Site From Kian Family For $5M
SOLDDevelopment Site

Steven Westreich Of Westbridge Realty Group Acquires Development Site From Kian Family For $5M

310 West 144th Street

$5,000,000

Building Size

Asset Type

Development Site

Closing

Dec 24, 2024

AI

The property involved in this transaction is a development site located at 310 West 144th Street in Harlem, Manhattan. The sale price for the asset was $5,000,000. The property has a total building square footage (BSF) of 16,560, resulting in a price per building square foot (PPBSF) of $302.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $5,000,000
  • Address: 310 West 144th Street
  • Market: Harlem, Manhattan
  • Buyer: Steven Westreich - Westbridge Realty Group
  • Seller: Megan Kian & Ryan Kian - Kian family

Steven Westreich, representing Westbridge Realty Group, acquired the ground lease for the property from the Kian family. The plan involves ground-up development for the site.

Players

Steven Westreich

Westbridge Realty Group

Buyer

$55M

vol

5 deals

Buyer

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

3.17%

Cash-on-Cash

-0.91%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93