Minrav USA Acquires Development Site On Third Avenue In Manhattan For $64M
SOLD
$64,000,000
New York
See Similar DealsDevelopment Site
Sold 05/02/2018
SOLD
Minrav USA Acquires Development Site On Third Avenue In Manhattan For $64M
368 3rd Avenue
See Similar DealsDevelopment Site
Sold 05/02/2018
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
A development site located at 368 Third Avenue in Manhattan has been sold for a total price of $64,000,000. The property, owned by Itzhaki Properties and Continental Ventures, spans 116,000 square feet and offers a price per buildable square foot (PPBSF) of $550.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $64,000,000
- Address: 368 Third Avenue, New York
- Market: Manhattan
- Buildable Square Footage: 116,000 sf
- Price per Buildable Square Foot (PPBSF): $550
The buyer of the property is Minrav USA, while the sale was facilitated by the brokerage firm JLL. Yoav Oelsner, Glenn Tolchin, and Anthony Ledesma from JLL served as the brokers representing the buyer and seller in the deal.
Players
SELLER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,413,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$227,378.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$303,392.65
Annual Debt Service$3,640,711.82
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