CIM Group Acquires Development Site In Gramercy For $12M
SOLD
$12,000,000
New York
See Similar DealsDevelopment Site249,230 SF
Sold 02/05/2020
SOLD
CIM Group Acquires Development Site In Gramercy For $12M
343 East 17th St, New York, NY 10003, USA
See Similar DealsDevelopment Site249,230 SF
Sold 02/05/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$48
Total Square Footage:249,230 SF
Transaction Type:Sale
A development site located at 343 East 17th Street in the Gramercy market has been sold in a closed transaction for $12,000,000. The property spans a total of 24,923 square feet and has a price per square foot of $481. The buyer in this transaction was CIM Group, while the seller was Minrav Development.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $12,000,000
- Address: 343 East 17th Street
- Market: Gramercy
- BSF: 24,923
- PPBSF: $481
Lipa Lieberman, David Schectman, and Abie Kassin served as the brokers in this deal, representing the respective parties involved.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$640,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47
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