Cadence Property Group Acquires Development Site In Hell's Kitchen For $3.35M
SOLD
$3,350,000
New York
See Similar DealsDevelopment Site
Sold 08/01/2023
SOLD
Cadence Property Group Acquires Development Site In Hell's Kitchen For $3.35M
360 W 52nd St New York, NY 10019, USA
See Similar DealsDevelopment Site
Sold 08/01/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$178,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,901.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,880.71
Annual Debt Service$190,568.51
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