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538 W 23rd St, New York, NY...

Updated Oct 12, 2026

Related Acquires Dev Site In Manhattan For $233.6M From Amerco Real Estate Co (Uhaul)
SOLDDevelopment Site

Related Acquires Dev Site In Manhattan For $233.6M From Amerco Real Estate Co (Uhaul)

538 W 23rd St, New York, NY 10011, USA

Building Size

—

Asset Type

Development Site

Closing

Sep 16, 2017

About this deal

AI

The property asset involved in this transaction is a development site located at 538-552 W 23rd St., 555 W 22nd Street, 170 11th Avenue, and 162-164 11th Avenue in New York City's Manhattan market. The site also includes 70,000 SF of air rights from another U-haul site. The transaction took place on 17th September, 2017 for a price of $233,625,000. The seller, Amerco Real Estate Co (Uhaul), was represented by Joe Shoen. The buyer of the property was Related @relatedcos.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $233,625,000
  • Address: 538-552 W 23rd St., 555 W 22nd Street, 170 11th Avenue, and 162-164 11th Avenue, New York City
  • Market: Manhattan
  • Seller: Amerco Real Estate Co (Uhaul) - Joe Shoen
  • Buyer: Related @relatedcos

This transaction involved the sale of a development site in Manhattan's market. Amerco Real Estate Co, represented by Joe Shoen, sold the property to Related @relatedcos for a price of $233,625,000. The site is located at 538-552 W 23rd St., 555 W 22nd Street, 170 11th Avenue, and 162-164 11th Avenue and includes 70,000 SF of air rights from another U-haul site.

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U-HaulBuyer
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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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