Updated Oct 28, 2024
Hudson Regional Hospitals Acquires Development Site In Hells Kitchen, Manhattan For $15M
456 West 55th Street, New York City, New York 10019, United States
$15,000,000
$474/SF
Building Size
31,630 SF
Asset Type
Development Site
Closing
May 2, 2022
About this deal
AI
A development site located at 456 W. 55th St. in Hells Kitchen, Manhattan has been sold for $15,000,000. The property spans approximately 31,630 square feet and has a price per buildable square foot (PPBSF) of $474. The transaction took place on 05/03/2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Address: 456 W. 55th St., Hells Kitchen, Manhattan
- Market: Hells Kitchen, Manhattan
- Buyer: Hudson Regional Hospitals
- Seller: Resnick Family
- Brokers: Hall Oster, Paul Smadbeck, Ethan Stanton & Conrad Martin - JLL
Hudson Regional Hospitals purchased the development site from the Resnick Family, with the transaction facilitated by brokers Hall Oster, Paul Smadbeck, Ethan Stanton, and Conrad Martin of JLL. The deal marks a significant investment in the Hells Kitchen market and showcases the strong demand for development opportunities in Manhattan.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93