Meridian Capital Secures $125M Joint Venture For Development Site In Murray Hill
SOLD
$125,000,000
+ 1
New York
See Similar DealsDevelopment Site118,500 SF
Sold 03/08/2024
SOLD
Meridian Capital Secures $125M Joint Venture For Development Site In Murray Hill
534-540 3rd Avenue
See Similar DealsDevelopment Site118,500 SF
Sold 03/08/2024
+ 1
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,054
Total Square Footage:118,500 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$444,098.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$592,563.77
Annual Debt Service$7,110,765.26
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