Extell Development Acquires Mixed-Use Property In Manhattan For $16.2M
1514 1st Avenue, New York, NY 10075, USA, 1514 1st Avenue, New York, NY 10075, USA, 1514 1st Avenue, New York, NY 10075, USA & 1514 1st Avenue, New York, NY 10075, USA
Building Size
203,800 SF
Asset Type
Mixed-use
Closing
Apr 22, 2018
About this deal
AI
The corner property located at 1514 First Avenue in Manhattan has been sold for $16,200,000. It is a mixed-use asset with a total building square footage (BSF) of 20,380. The price per buildable square footage (PPBSF) is $794. The property is situated at the cross streets of 79th and 1st Avenue in New York City.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $16,200,000
- BSF: 20,380
- PPBSF: $794
Extell Development, represented by Gary Barnett, acquired the property from Montrose Associates, represented by Seligman Rosenberg. This transaction is part of Extell's ongoing assemblage strategy in the area.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93