Updated Oct 29, 2024
Hyundai Motor America Acquires Manhattan Development Site For $22.5M
51 10th Ave New York, Ny 10014, Usa
$22,500,000
Building Size
—
Asset Type
Development Site
Closing
Jul 25, 2023
About this deal
AI
Hyundai Motor America has acquired a development site located at 51 10th Avenue in Manhattan's Meatpacking District for a total price of $22.5 million. The property offers exciting potential for growth and development in this vibrant area.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $22,500,000
- Date: 07/25/2023
- Address: 51 10th Avenue
- Market: Manhattan
- Buyer: Hyundai Motor America - Jose Munoz
- Seller: Duanco Inc
This notable transaction showcases Hyundai Motor America's strategic investment in the thriving real estate market. The acquisition of this prime development site demonstrates their commitment to expanding their presence in Manhattan. The meatpacking district, with its trendy appeal and proximity to various amenities, offers ample opportunities for future growth and success.
On the Map
$22,500,000
Development Site
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Players
Fitzgerald Development Site Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93