Cris Burnam Acquires $63.5M Warehouse In Chelsea From Jon Dario
531 West 21st Street, New York City, New York 10011, United States
$63,500,000
$693/SF
Building Size
91,591 SF
Asset Type
Industrial
Closing
Dec 15, 2021
AI
The property asset involved in the transaction is located at 531 West 21 Street, Chelsea, Manhattan. The total price for the sale was $63,500,000. It comprises warehouses with a gross square footage of 91,591 and a building square footage of 61,305. The price per square foot is $693 and the price per building square foot is $1,036. The lot size is 12,261 square feet with dimensions of 125 ft x 98.75 ft. The zoning classification for this property is M1-5, WCH, with a floor area ratio (FAR) of 7.47, and it falls under tax class 4.
Summary of transaction details:
- Property Type: Warehouses
- Transaction Amount: $63,500,000
- Buyer: Cris Burnam
- Seller: Jon Dario
- Building Square Feet: 61,305
- Price per Building Square Foot: $1,036
- Gross Square Feet: 91,591
- Price per Square Foot: $693
- Lot Size: 12,261
- Last Sale Price: $28,800,000
- Last Sale Date: 5/18/2005
- Lot Dimensions: 125 ft x 98.75 ft
- Zoning: M1-5, WCH
- FAR: 7.47
- Tax Class: 4
Cris Burnam acted as the buyer in this transaction while Jon Dario served as the seller. This sale was recorded on 12/16/2021, marking a significant transition for the property, which had previously been sold on 5/18/2005 for $28,800,000.
Players
New York Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93