Updated Oct 29, 2024
Eastern Star Development Acquires Development Site In Chelsea For $27.5M
401 8th Ave, New York, NY 10001, USA
Building Size
63,000 SF
Asset Type
Development Site
Closing
Apr 29, 2018
About this deal
AI
The development site located at 401 Eighth Avenue X in Chelsea, Manhattan has been sold for a total of $27,500,000. The property is situated at the intersection of 30th Street and 8th Avenue in New York. With a total buildable square footage (BSF) of 63,000 sf, the price per buildable square footage (PPBSF) comes to $437. The site falls under the zoning designation of C6-3X (R9X).
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $27,500,000
- BSF: 63,000 sf
- PPBSF: $437
- Zoning: C6-3X (R9X)
The sale was facilitated by Salt Equities, the seller of the development site. On the buyer's side, Eastern Star Development acquired the property. Christopher Okada of Okada & Company represented both parties in the deal.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93