Updated Dec 4, 2024
Meridian Capital Secures $125M Joint Venture For Development Site In Murray Hill
534-540 3rd Avenue
$125,000,000
$1,054/SF
Building Size
118,500 SF
Asset Type
Development Site
Closing
Mar 8, 2024
About this deal
AI
The development site located at 534-540 3rd Avenue in Murray Hill, Manhattan, with a total of 155 units, was involved in a recapitalization and development joint venture. The deal size amounted to $125,000,000, covering a space of 118,500 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $125,000,000
- Market: Murray Hill, Manhattan
- Partners: Ranco Capital
- Sponsor: Gilar Realty
- Brokers: Helen Hwang, Brian Szczapa, Lipa Lieberman & Simon Rosenfeld - Meridian Capital Group
The deal involved key individuals such as Helen Hwang, Brian Szczapa, Lipa Lieberman, and Simon Rosenfeld representing Meridian Capital Group in the transaction.
On the Map
$125,000,000
$1,054/SF
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93