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.
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
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