Naftali Group Acquires Development Site On Kent Avenue For $72M
SOLD
$72,000,000
+ 5
New York
See Similar DealsDevelopment Site
Sold 01/13/2023
SOLD
Naftali Group Acquires Development Site On Kent Avenue For $72M
470 Kent Avenue
See Similar DealsDevelopment Site
Sold 01/13/2023
+ 5
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
A development site located at 470 Kent Avenue in New York City has been sold for a total of $72,000,000. The property is situated in a prime location with high market value.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $72,000,000
- Address: 470 Kent Avenue, New York City
The buyers of the property are Naftali Group, represented by Miki Naftali and David Hochfelder. They have acquired the development site through the transaction.
The sale of the property was facilitated by a team of brokers. Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, and Winfield Clifford from JLL, as well as Robert Burton from Cushman & Wakefield, played a crucial role in completing the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,840,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$255,800.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$341,316.73
Annual Debt Service$4,095,800.79
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