Alchemy-ABR Purchases Development Site At 1488-1490 1st Avenue From Norman Rappaport For $6.61M
SOLD
$6,606,600
New York
See Similar DealsDevelopment Site22,022 SF
Sold 09/19/2024
SOLD
Alchemy-ABR Purchases Development Site At 1488-1490 1st Avenue From Norman Rappaport For $6.61M
1488-1490 1st Avenue
See Similar DealsDevelopment Site22,022 SF
Sold 09/19/2024
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$300
Total Square Footage:22,022 SF
Transaction Type:Sale
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.
Players
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$352,351.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,471.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,318.65
Annual Debt Service$375,823.85
Is there something missing? Send suggestions