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Cris Burnam Acquires Warehouse In East Village, Manhattan For $73M

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SOLD
$73,000,000

New York

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Industrial52,497 SF
Sold 12/16/2021
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Property Image
SOLD

Cris Burnam Acquires Warehouse In East Village, Manhattan For $73M

28 2nd Avenue, New York City, New York 10003, United States

See Similar Deals
Industrial52,497 SF
Sold 12/16/2021
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Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$1,390
Total Square Footage:52,497 SF
Transaction Type:Sale

The property asset involved in this transaction is located at 28 2 Avenue in the East Village, Manhattan. It is a warehouse with a sale price of $73,000,000. The building comprises a total square footage of 52,497 and has a base square footage of 30,100, resulting in a price per base square foot of $2,425 and a price per square foot of $1,391. The property's zoning is classified as C6-2A, and it has a floor area ratio of 10.50. The lot size measures 5,000 square feet with dimensions of 50 ft x 100 ft, and it falls under tax class 4. The last recorded sale price was $0 on August 31, 2001.

Summary of transaction details:

  • Property Type: Warehouses
  • Transaction Amount: $73,000,000
  • Buyer: Cris Burnam
  • Seller: Jon Dario
  • Base Square Footage: 30,100
  • Price per Base Square Foot: $2,425
  • Total Square Footage: 52,497
  • Price per Square Foot: $1,391
  • Floor Area Ratio: 10.50
  • Tax Class: 4
  • Lot Size: 5,000
  • Lot Dimensions: 50 ft x 100 ft
  • Last Sale Price: $0 on 8/31/2001

The buyer of the property is Cris Burnam, while Jon Dario acted as the seller in this transaction. This deal reflects a significant investment in the East Village market, further illustrating the ongoing activity in warehouse properties. The transaction showcases the collaboration between the buyer and seller, with a notable focus on the details surrounding the lot’s specifications and zoning regulations.

Players

22 deals$3B volume
BROKER

Cris Burnam
18 deals$3B volume
BUYER

Jon Dario
22 deals$3B volume
SELLER

Details

SOLD
IMAGE: 12/16/2021 ADDRESS: 28 2 Avenue MARKET: East Village, Manhattan ASSET TYPE: Warehouses ~ ZONING: C6-2A BUYER: Cris Burnam SELLER: Jon Dario PRICE: $73,000,000 BSF: 30,100 ~ PPBSF: $2,425 SF: 52,497 ~ PPSF: $1,391 FAR: 10.50 TAX CLASS: 4 LOT SIZE: 5,000 LAST SALE PRICE: $0 (8/31/2001) LOT DIMENSION: 50 ft x 100 ft

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$259,353.59
Cash-on-Cash Return-1.27%
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