The Hakimian Organization / Certes Partners / Red Pine Capital Partners Acquires Development Site In East Harlem For $10M
SOLD
$10,000,000
New York
See Similar DealsMixed-use21,917 SF
Sold 10/26/2018
SOLD
The Hakimian Organization / Certes Partners / Red Pine Capital Partners Acquires Development Site In East Harlem For $10M
212 East 125th Street, Manhattan, New York, NY, USA & 212 East 125th Street, Manhattan, New York, NY, USA
See Similar DealsMixed-use21,917 SF
Sold 10/26/2018
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$456
Total Square Footage:21,917 SF
Transaction Type:Sale
A development site located at 212-216 East 125th Street in East Harlem has been sold for a total of $10,000,000. The property, which consists of two sites, was part of a bankruptcy sale facilitated by Avison Young. The site went under contract in less than 90 days, highlighting its desirability and attractiveness to potential buyers.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $10,000,000
- Address: 212-216 East 125th Street, East Harlem
- Market: East Harlem
The seller of the development site was Evan Blum, while the buyers were The Hakimian Organization, Certes Partners, and Red Pine Capital Partners. The deal was facilitated by Brandon Polakoff and James Nelson from Avison Young. The involvement of these individuals and companies highlights their expertise and role in the transaction. The sale of the development site is a significant achievement for all parties involved, further boosting their reputation in the real estate industry.
Players
BUYER
LENDER
Details
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30 years
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
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Annual Debt Service$568,861.22
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