Reggie Kronstadt Acquires Development Site In Midtown East For $4.8M
SOLD
$4,800,000
New York
See Similar DealsSingle Family Residence2,466 SF
Sold 01/24/2022
SOLD
Reggie Kronstadt Acquires Development Site In Midtown East For $4.8M
310 East 50th Street, New York City, New York 10022, United States
See Similar DealsSingle Family Residence2,466 SF
Sold 01/24/2022
Summary
NEW YORK
Asset Type:Single Family Residence
Price Per Square Foot:$1,946
Total Square Footage:2,466 SF
Transaction Type:Sale
The development site located at 310 East 50th Street in Midtown East has been sold for $4,800,000. The property spans 10,444 square feet and has a price per buildable square foot (PPBSF) of $549. The sale was completed on January 24, 2022.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,800,000
- Address: 310 East 50th Street
- Market: Midtown East
- Buildable Square Footage (BSF): 10,444
- Price per Buildable Square Foot (PPBSF): $549
The seller of the development site was the Meyerhoff Family. The buyer, Reggie Kronstadt, represented Krown Point. The transaction was facilitated by Will Conrad from Cushman & Wakefield.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$256,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,053.38
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,754.45
Annual Debt Service$273,053.39
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