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360 W 52nd St New York, NY ...

Cadence Property Group Acquires Development Site In Hell's Kitchen For $3.35M
SOLDDevelopment Site

Cadence Property Group Acquires Development Site In Hell's Kitchen For $3.35M

360 W 52nd St New York, NY 10019, USA

$3,350,000

Building Size

Asset Type

Development Site

Closing

Aug 1, 2023

AI

A development site located at 360 West 52nd Street in Hell's Kitchen has been sold for $3,350,000. The property is a valuable asset in the market, offering great potential for development. It is worth noting that the sale was facilitated by Peter Carillo of HKS Real Estate Advisors, acting as the broker for the seller, Bright Management.

Summary of Transaction Details:

  • Property Type: Development Site
  • Sale Price: $3,350,000
  • Address: 360 West 52nd Street
  • Market: Hell's Kitchen

Cadence Property Group, represented by Howard Glatzer, made the purchase. This acquisition presents an exciting opportunity for Cadence Property Group to develop the site and tap into the potential of the Hell's Kitchen market. The deal was successfully negotiated by Peter Carillo, an experienced broker from HKS Real Estate Advisors.

Players

Peter Carillo

OpenKey™

Broker

$3.4M

vol

2 deals

Broker

Howard Glatzer

Cadence Property Group

Buyer

$60.3M

vol

3 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

4.74%

Cash-on-Cash

-1.35%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93