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Haussman Development Acquires Development Site In West Harlem, Manhattan For $2.9M

Property Image
SOLD
$2,875,000
James Nestor
Victor Sozio
Michael A. Tortorici

New York

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Development Site19,184 SF
Sold 05/20/2020
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Property Image
SOLD

Haussman Development Acquires Development Site In West Harlem, Manhattan For $2.9M

521 West 134th Street, Manhattan, New York, NY, USA

See Similar Deals
Development Site19,184 SF
Sold 05/20/2020
James Nestor
Victor Sozio
Michael A. Tortorici
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$149
Total Square Footage:19,184 SF
Transaction Type:Sale

The development site located at 521 West 134th Street in West Harlem, Manhattan has been sold in a recent transaction. The property, with a total square footage of 19,184, is classified as a development site and falls under the R7A zoning category. The sale was facilitated by brokers Victor Sozio, Michael Tortorici, and James Nestor from Ariel Property Advisors. The deal took place on May 20, 2021.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $2,875,000
  • Address: 521 West 134th Street, West Harlem, Manhattan
  • Market: West Harlem, Manhattan
  • Zoning: R7A
  • Brokers: Victor Sozio, Michael Tortorici, and James Nestor from Ariel Property Advisors

Haussman Development acquired the property from the seller, August Aichhorn Center, for a total price of $2,875,000. The price per square foot for the 19,184 square footage of the site was calculated at $150.

Players

Michael A. Tortorici
Ariel Property Advisors
Michael A. Tortorici
48 deals$908.9M volume
BROKER
Victor Sozio
Ariel Property Advisors
Victor Sozio
111 deals$2.3B volume
BROKER
James Nestor
Ariel Property Advisors
James Nestor
11 deals$49.1M volume
BROKER
HD
Haussmann Development
BUYER

Details

SOLD
IMAGE: Michael Tortorici, Victor Sozio & James Nestor DATE: 05/20/2021 ADDRESS: 521 West 134th Street MARKET: West Harlem, Manhattan ASSET TYPE: Development Site ~ ZONING: R7A BUYER: Haussman Development SELLER: August Aichhorn Center BROKERS: Victor Sozio, Michael Tortorici & James Nestor @Arielpa.NYC SALE PRICE: $2,875,000 BSF: 19,184 ~ PPBSF: $150

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$153,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,214.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,628.97
Annual Debt Service$163,547.60