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Richard Mack Of Mack Real Estate Group Purchases Development Site From Joseph Chetrit For $94M
SOLD
$94,000,000
New York
See Similar DealsDevelopment Site
Sold 12/18/2025
SOLD
Richard Mack Of Mack Real Estate Group Purchases Development Site From Joseph Chetrit For $94M
545 West 37th Street
See Similar DealsDevelopment Site
Sold 12/18/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
A development site located at 545 West 37th Street in Hudson Yards, Manhattan, was sold for $94,000,000. The property encompasses 172,810 square feet, resulting in a price per square foot of $544.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $94,000,000
- Buyer: Richard Mack - Mack Real Estate Group
- Seller: Joseph Chetrit - Chetrit Group
- BSF: 172,810
- PPBSF: $544
Richard Mack, representing Mack Real Estate Group, acquired the property from Joseph Chetrit, who is affiliated with Chetrit Group. The transaction took place on December 18, 2025.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,013,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$333,962.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$445,607.96
Annual Debt Service$5,347,295.48
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