Teamsters Local 807 Sells Development Site In New York City For $22M
SOLD
$22,000,000
+ 1
New York
See Similar DealsMultiFamily15,705 SF
Sold 02/09/2023
SOLD
Teamsters Local 807 Sells Development Site In New York City For $22M
32-43 49th Street
See Similar DealsMultiFamily15,705 SF
Sold 02/09/2023
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,400
Total Square Footage:15,705 SF
Transaction Type:Sale
The development site located at 32-43 49th Street in New York City has been sold in a closed transaction. The property spans approximately 15,705 square feet, with a price per square foot of $1,401. The sale price for the site was $22,000,000. The seller of the property was Teamsters Local 807.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $22,000,000
- Address: 32-43 49th Street, New York City
- Market: New York City
- Square Footage: 15,705 SF
- Price per Square Foot: $1,401
Erik Edeen, Brent Glodowski, Fritz Richter, and Kate Kabili from Avison Young represented the seller, Teamsters Local 807, in the transaction.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,173,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69
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