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83 Madison Street

Cushman & Wakefield Brokers Sell Development Site On Madison Street In Two Bridges For $5.25M
SOLDDevelopment Site

Cushman & Wakefield Brokers Sell Development Site On Madison Street In Two Bridges For $5.25M

83 Madison Street

$5,250,000

$303/SF

Building Size

17,300 SF

Asset Type

Development Site

Closing

Nov 21, 2023

AI

A development site located at 83 Madison Street in Two Bridges, Manhattan has been sold for $5,250,000. The property spans approximately 17,300 square feet, with a price per square foot of $303. This transaction was facilitated by Bobby Carrozzo, Robert Burton, Michael Gembecki, Bryan Hurley, and Michael Decheser of Cushman & Wakefield.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $5,250,000
  • Address: 83 Madison Street
  • Market: Two Bridges, Manhattan
  • BSF: 17,300
  • PPSF: $303

The sale of this development site showcases the expertise of the Cushman & Wakefield team, consisting of Bobby Carrozzo, Robert Burton, Michael Gembecki, Bryan Hurley, and Michael Decheser. Their collective efforts played a crucial role in successfully closing this transaction, demonstrating their deep understanding of the Two Bridges market and their ability to deliver optimal results to their clients.

Players

Michael Gembecki

Cushman & Wakefield

Broker

$449.8M

vol

35 deals

Broker

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

3.02%

Cash-on-Cash

-0.86%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93