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David L Picket Acquires Medical Facility On 10th Avenue In Clinton-Hell's Kitchen, Manhattan For $79M

Property Image
SOLD
$79,018,031

New York

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Mixed-use430,000 SF
Sold 11/12/2021
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Property Image
SOLD

David L Picket Acquires Medical Facility On 10th Avenue In Clinton-Hell's Kitchen, Manhattan For $79M

550 10th Avenue, New York, NY, USA

See Similar Deals
Mixed-use430,000 SF
Sold 11/12/2021
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$183
Total Square Footage:430,000 SF
Transaction Type:Sale

A medical facility located at 550 10th Avenue in Clinton - Hell's Kitchen, Manhattan has been sold for a price of $79,018,031. The property has a building square footage (BSF) of 159,390 and a price per BSF (PPBSF) of $496. The total square footage (SF) of the facility is 98,830, with a price per SF (PPSF) of $800. The property has a floor area ratio (FAR) of 6.20 and is classified under tax class 4. It has a lot size of 15,939 and was last sold on April 15, 2019, for a price of $10. The lot dimension is 197.6 feet by 100 feet.

Summary of transaction details

  • Property Type: Medical Facility
  • Transaction Amount: $79,018,031
  • Market: Clinton - Hell's Kitchen, Manhattan
  • Zoning: C2-8, HY

The buyer of the property is David L Picket, while the seller is Deirdre Cronin.

Players

GO
Gotham Organization
BUYER
Lionheart Strategic Management
Lionheart Strategic Management
LENDER
Wells Fargo
Wells Fargo
LENDER

Details

SOLD
IMAGE: 11/12/2021 ADDRESS: 550 10th Avenue MARKET: Clinton - Hell's Kitchen,Manhattan ASSET TYPE: Medical Facility ~ ZONING: C2-8, HY BUYER: David L Picket SELLER: Deirdre Cronin PRICE: $79,018,031 BSF: 159,390 ~ PPBSF: $496 SF: 98,830 ~ PPSF: $800 FAR: 6.20 TAX CLASS: 4 LOT SIZE: 15,939 LAST SALE PRICE: $10 (4/15/2019) LOT DIMENSION: 197.6 ft x 100 ft

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$280,734.37
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