Alchemy-ABR Purchases Development Site At 1488-1490 1st Avenue From Norman Rappaport For $6.61M
1488-1490 1st Avenue
$6,606,600
$300/SF
Building Size
22,022 SF
Asset Type
Development Site
Closing
Sep 19, 2024
AI
The development site at 1488-1490 1st Avenue in Lenox Hill, Manhattan, was sold for $6,606,600. This property encompasses a total square footage of 22,022, translating to a price per square foot of $300.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $6,606,600
- Address: 1488-1490 1st Avenue
- Market: Lenox Hill, Manhattan
- Buyer: Alchemy-ABR
- Seller: Norman Rappaport
- Broker: Ido Tzaidi - IDRE Commercial Realty
- Square Footage: 22,022
- Price per Square Foot: $300
The development rights from the 1488-1490 1st Avenue site will be integrated into Alchemy-ABR's recently closed development site located at 1482-1486 1st Avenue on the Upper East Side.
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.40%
Cash-on-Cash
-0.69%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93