Mohamed Nour Of Celestia Development & Construction Acquires Development Site In East Harlem For $1.1M
152 East 124th Street
$1,100,000
Building Size
—
Asset Type
Development Site
Closing
Dec 11, 2025
AI
A development site located at 152 East 124th Street in the East Harlem market has been sold. The transaction was finalized at a price of $1,100,000. The property encompasses a building square footage (BSF) of 12,087 and a price per building square footage (PPBSF) of $91.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $1,100,000
- Buyer: Mohamed Nour - Celestia Development & Construction
- Seller: David Yanik
- Brokers: Alexander Taic & Drew McWilliams - Ariel Property Advisors
This transaction marks the fifth development site closed by Ariel Property Advisors in Northern Manhattan in 2025, contributing to a 30% market share of development transactions for the year. The firm is currently engaged in four additional development deals.
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
14.42%
Cash-on-Cash
-4.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93