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
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.
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