Updated Oct 29, 2024
Extell Development Acquires Development Rights In Manhattan For $35.8M
406 E 80th St, New York, NY 10075, USA
Building Size
1,021,700 SF
Asset Type
Development Site
Closing
May 20, 2018
About this deal
AI
The Church of Saint Monica has sold the development rights for the property located at 406 East 80th Street in Manhattan, New York. The transaction was completed on 05/21/2018 for a price of $35,800,000. The property spans 102,170 square feet and has a price per buildable square foot (PPBSF) of $350.
Summary of transaction details
- Property Type: Development Rights
- Transaction Amount: $35,800,000
- Square Footage: 102,170 sf
- Price per Buildable Square Foot (PPBSF): $350
Extell Development, represented by Gary Barnett, purchased the development rights from the Church of Saint Monica. Gary Barnett is the representative of Extell Development in this deal.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
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