Updated Dec 21, 2023
Ari Weber, Yigal Niasoff & Menachem Schechter Acquire Development Site On Walnut Street For $15M
1706 Walnut Street, Philadelphia, Pennsylvania 19103, United States
$15,000,000
$60,000/SF
Building Size
250 SF
Asset Type
Development Site
Closing
Aug 12, 2022
About this deal
AI
A development site located at 1706, 1708, and 1710 Walnut Street in Philadelphia, PA has been sold for a total transaction amount of $15,000,000. The property consists of an assemblage of three separate parcels, offering a significant opportunity for potential development. The sale of this development site encompasses a building square footage (BSF) of approximately 250,000, resulting in a price per BSF (PPBSF) of $60. The transaction took place on December 8, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Address: 1706, 1708, and 1710 Walnut Street, Philadelphia, PA
- Market: Philadelphia, PA
- Buyer: Ari Weber, Yigal Niasoff, and Menachem Schechter
- Seller: Joan Kreistein
Ari Weber, Yigal Niasoff, and Menachem Schechter are the buyers of this development site. They successfully acquired the property from Joan Kreistein. For further inquiries or potential deals, interested parties can contact Ari Weber at [email protected].
Philadelphia Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93