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531 West 21st Street, New Y...

Cris Burnam Acquires $63.5M Warehouse In Chelsea From Jon Dario
SOLDIndustrial

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

Jon Dario

Edison Properties

Broker

$3B

vol

22 deals

Broker
Cris Burnam

Cris Burnam

Buyer

$3B

vol

18 deals

Buyer
Jon Dario

Jon Dario

Edison Properties

Seller

$3B

vol

22 deals

Seller

New York Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

Loading comparables…

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