Lev Kimyagarov & Rubin Isak Complete Sale Of Off-Site Inclusionary Housing Air Rights In Midtown Manhattan
Building Size
—
Asset Type
Development Site
Closing
Jun 9, 2025
AI
The transaction involved the sale of Off-Site Inclusionary Housing Air Rights located in Community District 5, Midtown Manhattan. The asset type is classified as Air Rights, which are significant in the context of urban development that allows property owners to utilize zoning privileges to build beyond their current footprint.
Summary of transation details:
- Property Type: Air Rights
- Transaction Amount: Not specified
- Market: Midtown Manhattan
- Date of Transaction: 6/10/2025
- Broker Representatives: Lev Kimyagarov & Rubin Isak - Development Site Advisors
Lev Kimyagarov and Rubin Isak represented the sellers in this transaction, working through Development Site Advisors. Their expertise facilitated this sale, focusing on the specific requirements and conditions pertaining to off-site inclusionary housing in the community district.
Players
Market 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93