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260 Spring Street, New York...

Cris Burnam Acquires Mixed-Use Property On Spring Street In Hudson Square For $367.7M
SOLDMixed-use

Cris Burnam Acquires Mixed-Use Property On Spring Street In Hudson Square For $367.7M

260 Spring Street, New York City, New York 10013, United States

$367,700,000

$1,306/SF

Building Size

281,387 SF

Asset Type

Mixed-use

Closing

Dec 15, 2021

AI

The property located at 260 & 272 Spring Street in Hudson Square, Manhattan, has been sold for a total price of $367,700,000. This mixed-use asset spans a total square footage of 281,387, with a building size of 416,900 BSF and a price per BSF of $882. The property features zoning classified as M1-6, HSQ, and consists of a lot size measuring 25,460 square feet with dimensions of 175 ft x 150 ft. The FAR is 11.05 and the tax class is 4.

Summary of transaction details:

  • Property Type: Mixed Use
  • Transaction Amount: $367,700,000
  • Buyer: Cris Burnam
  • Seller: Jon Dario
  • Building Size (BSF): 416,900
  • Price Per BSF: $882
  • Square Footage (SF): 281,387
  • Price Per SF: $1,308
  • FAR: 11.05
  • Tax Class: 4
  • Lot Size: 25,460
  • Last Sale Price: $0 (2/27/1998)
  • Lot Dimension: 175 ft x 150 ft

In this transaction, Cris Burnam acted as the buyer, while Jon Dario represented the seller. The transaction was completed on December 16, 2021, and marks the first sale recorded for this property since February 27, 1998.

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 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

0.04%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93