Mohamed Nour Of Celestia Development & Construction Acquires Development Site In East Harlem For $1.1M
SOLD
$1,100,000
New York
See Similar DealsDevelopment Site
Sold 12/11/2025
SOLD
Mohamed Nour Of Celestia Development & Construction Acquires Development Site In East Harlem For $1.1M
152 East 124th Street
See Similar DealsDevelopment Site
Sold 12/11/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$58,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,908.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,214.56
Annual Debt Service$62,574.73
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