Avdoo & Partners Development Acquires Development Site In Upper East Side For $52M With Brokers Elad Dror And Robert Knakal
1341 1347 2nd Avenue & 242 East 71st Street
$52,000,000
$625/SF
Building Size
83,160 SF
Asset Type
Development Site
Closing
Feb 5, 2025
AI
The asset involved in this transaction is a development site located at 1341-1347 2nd Avenue & 242 East 71st Street in the Upper East Side market. The sale price was recorded at $52,000,000, with a building square footage (BSF) of 100,417 and a price per building square foot (PPBSF) of $517. The site also has a total square footage (SF) of 41,580, equating to a price per square foot (PPSF) of $1,250.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $52,000,000
- BSF: 100,417
- PPBSF: $517
- SF: 41,580
- PPSF: $1,250
- Buyer: Avdoo & Partners Development
- Buyer's Representative: Elad Dror - PD Properties
- Seller's Representative: Robert Knakal - BK Real Estate Advisors
The key individuals involved in this transaction include Elad Dror, who represents Avdoo & Partners Development, and Robert Knakal, who represents the seller in the deal. Both representatives are affiliated with their respective agencies, facilitating the transaction between the buyer and seller.
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
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93