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
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
4.74%
Cash-on-Cash
-1.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93