Related Companies Acquires Dev. Site In Hudson Yards For $77M
SOLD
$77,000,000
New York
See Similar DealsDevelopment Site
Sold 10/28/2021
SOLD
Related Companies Acquires Dev. Site In Hudson Yards For $77M
511 West 35th Street, New York, NY, USA
See Similar DealsDevelopment Site
Sold 10/28/2021
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
511 West 35th Street, 506 & 512 West 36th Street, located in the Hudson Yards market, was sold as a development site for $77,000,000. The property is a dev. site with a significant potential for construction and development.
Summary of transaction details
- Property Type: Dev. Site 🏗
- Transaction Amount: $77,000,000
- Buyer: Related Companies - Jeff Blau & Stephen Ross
- Seller: Spitzer Enterprises - Eliot Spitzer
- Date: 10/28/2021
The buyer of the property is Related Companies, represented by Jeff Blau and Stephen Ross. The seller, on the other hand, is Spitzer Enterprises, with Eliot Spitzer acting as their representative in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,106,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$273,564.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$365,019.28
Annual Debt Service$4,380,231.40
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