Adam America RE And Hampshire Properties Acquire Air Rights On Upper West Side For $22.1M
2465 Broadway, Manhattan, New York, NY, USA
$22,100,000
$325/SF
Building Size
68,000 SF
Asset Type
Other
Closing
Dec 30, 2019
AI
Air rights at 2465 Broadway in the Upper West Side have been sold for a total of $22,100,000. The property encompasses 68,000 square feet, with additional cantilever rights. This equates to a price per square foot of approximately $325.
Summary of transaction details:
- Property Type: Air Rights
- Transaction Amount: $22,100,000
- Address: 2465 Broadway
- Market: Upper West Side
The buyers of the air rights are Adam America Real Estate and Hampshire Properties. The seller in the transaction is Heller Org. It is worth noting that the developer now has 123,000 square feet of buildable square footage on nearby properties, specifically 2461 and 2463 Broadway.
Players
New York Other Market Snapshot
Boundary boundary · Other · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93