Manuel Glas Acquires Tribeca Development Site On White Street For $20.5M
88 White Street, New York City, New York 10013, United States
$20,500,000
$476/SF
Building Size
43,000 SF
Asset Type
Development Site
Closing
Dec 23, 2021
AI
Located in the Tribeca neighborhood, the development site at 88-90 White Street has been sold for a total price of $20,500,000. The property spans an area of 43,000 square feet and has a price per buildable square foot (PPBSF) of $476. The transaction took place on 12/23/2021 and involved the buyer, Manuel Glas, and the seller, The O'Kane Family.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $20,500,000
- Address: 88-90 White Street
- Market: Tribeca
The seller's representatives in this deal were Stephen Dadourian and Jonathan Buerger from B6 Real Estate Advisors. They played a crucial role in facilitating the transaction between Manuel Glas and The O'Kane Family. The sale of this development site marks a significant milestone in the Tribeca real estate market.
Players
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
0.77%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93