Updated Feb 6, 2026
Michael Musto Of Development Site Advisors Represents Sale Of East Harlem Development Site For $5.7M
251 East 121st Street
$5,700,000
$1,972/SF
Building Size
2,890 SF
Asset Type
Development Site
Closing
Jan 27, 2026
About this deal
AI
The property asset involved in the transaction is a development site located at 251 East 121st Street in East Harlem. The sale price for this property was $5,700,000, with a building square footage (BSF) of 58,116, resulting in a price per building square foot (PPBSF) of $98. The total square footage (SF) stands at 2,890, which gives a price per square foot (PPSF) of $1,972.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,700,000
- Address: 251 East 121st Street
- Market: East Harlem
- BSF: 58,116
- PPBSF: $98
- SF: 2,890
- PPSF: $1,972
The deal was represented by broker Michael Musto from Development Site Advisors, showcasing his role in facilitating this transaction within the market.
On the Map
$5,700,000
$1,972/SF
Development Site
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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
2.78%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93