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Cadence Property Group Acquires Parking Lot In Hell's Kitchen, Manhattan For $15.5M

Property Image
SOLD
$15,488,000
David Schwartz
HG

New York

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Sold 04/18/2023
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Property Image
SOLD

Cadence Property Group Acquires Parking Lot In Hell's Kitchen, Manhattan For $15.5M

354 W 52nd St, New York, NY 10019, USA

See Similar Deals
Other
Sold 04/18/2023
David Schwartz
HG
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Summary

NEW YORK
Asset Type:Other
Transaction Type:Sale

The parking lot located at 354 West 52nd Street in Hell's Kitchen, Manhattan has been sold for a total of $15,488,000. The property, owned by David Schwartz, Elizabeth Osterhoudt, and Karen Brown, consists of 57,190 square feet of air rights, with no existing built space. The transaction was completed by Cadence Property Group, represented by their agent Howard Glatzer.

Summary of transaction details

  • Property Type: Parking Lot
  • Transaction Amount: $15,488,000
  • Buyer: Cadence Property Group - Howard Glatzer
  • Seller: David Schwartz, Elizabeth Osterhoudt & Karen Brown

It is noteworthy that Cadence Property Group acquired both the parking lot and the potential development site at 354 West 52nd Street. With 57,190 square feet of air rights, the property offers a total buildable area of 57,190 square feet, providing ample opportunities for future development.

Players

David Schwartz
Waterton
David Schwartz
40 deals$2.8B volume
BROKER
HG
Howard Glatzer
3 deals$60.3M volume
BUYER
HG
Howard Glatzer
3 deals$60.3M volume
BUYER
David Schwartz
David Schwartz
40 deals$2.8B volume
SELLER

Details

SOLD
IMAGE: Howard Glatzer DATE: 04/18/2023 ADDRESS: 354 West 52nd Street MARKET: Hell’s Kitchen, Manhattan ASSET TYPE: Parking Lot BUYER: Cadence Property Group - Howard Glatzer (@HGlatzer) SELLER: David Schwartz, Elizabeth Osterhoudt & Karen Brown SALE PRICE: $15,488,000 BSF: 57,190 ~ PPBSF: $271 NOTE: Cadence Property Group purchased the parking lot (G6) and potential development site at 354 West 52nd Street in Hell's Kitchen, Manhattan for $15.5 million. The property has zero built space and 57,190 square feet of air rights, with a total buildable of 57,190 square feet.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$826,026.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$55,025.58
Cash-on-Cash Return-1.27%
Monthly Debt Service$73,421.02
Annual Debt Service$881,052.26