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Hyundai Motor America Acquires Manhattan Development Site For $22.5M
SOLD
$22,500,000
New York
See Similar DealsDevelopment Site
Sold 07/25/2023
SOLD
Hyundai Motor America Acquires Manhattan Development Site For $22.5M
51 10th Ave New York, Ny 10014, Usa
See Similar DealsDevelopment Site
Sold 07/25/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,200,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$79,937.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$106,661.48
Annual Debt Service$1,279,937.75
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