CIM Group Acquires Development Site In Gramercy For $12M
343 East 17th St, New York, NY 10003, USA
$12,000,000
$48/SF
Building Size
249,230 SF
Asset Type
Development Site
Closing
Feb 4, 2020
AI
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
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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93