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KIPP Schools Acquires Development Site In Mott Haven For $21.7M

Property Image
SOLD
$21,700,000
Robert (Bob) Knakal
Karl Brumback
Jonathan (Jon) Hageman
+ 1

New York

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Development Site168,200 SF
Sold 04/23/2021
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Property Image
SOLD

KIPP Schools Acquires Development Site In Mott Haven For $21.7M

75 Canal Street West, West Bronx, The Bronx, NY, USA

See Similar Deals
Development Site168,200 SF
Sold 04/23/2021
Robert (Bob) Knakal
Karl Brumback
Jonathan (Jon) Hageman
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$129
Total Square Footage:168,200 SF
Transaction Type:Sale

A development site located at 75 Canal Street West in Mott Haven has been sold for a price of $21,700,000. The property, which has a total floor area of 168,200 square feet, is situated on a lot measuring 269.33 feet by 164.17 feet. The site is zoned as M1-4/R7X and MX-13, offering potential for various development opportunities.

Summary of transaction details

  • Property Type: Development site
  • Transaction Amount: $21,700,000
  • Address: 75 Canal Street West, Mott Haven
  • Market: Mott Haven
  • Zoning: M1-4/R7X, MX-13

The buyer in this transaction is KIPP Schools, while the seller is Yellow Cab Realty LLC, represented by Victor Weingarten. The deal was facilitated by brokers Robert Knakal, Jon Hageman, and Karl Brumback from JLL, as well as David Carlos from Savills.

Players

Jonathan (Jon) Hageman
JLL
Jonathan Hageman
59 deals$2.5B volume(212) 812-5995
BROKER
Karl Brumback
JLL
Karl Brumback
25 deals$388.3M volume(917) 509-9660
BROKER
Robert (Bob) Knakal
BK Real Estate Advisors
Robert Knakal
64 deals$3.2B volume(907) 509-9501
BROKER
David Carlos
Savills
David Carlos
5 deals$575.7M volume(212) 376-5444
BROKER

Details

SOLD
IMAGE: Jon Hageman, Robert Knakal, Richard Barth, Karl Brumback, David Carlos DATE: 04/23/2021 ADDRESS: 75 Canal Street West MARKET: Mott Haven ASSET TYPE: Development site ~ ZONING: M1-4/R7X, MX-13 BUYER: KIPP Schools SELLER: Yellow Cab Realty LLC - Victor Weingarten BROKERS: Robert Knakal, Jon Hageman & Karl Brumback - JLL, David Carlos - Savills SALE PRICE: $21,700,000 BSF: 168,200 ~ PPBSF: $129 LOT SIZE: 269.33 ft x 164.17 ft

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,157,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$77,095.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$102,869.07
Annual Debt Service$1,234,428.85