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Grubb Properties Acquires Development Site In Financial District For $89.2M

8 Carlisle
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This Development Site property located in NY was sold for $89,150,000 over 2 years ago. The broker of the deal was Eric Anton

Grubb Properties has acquired a development site at 8 Carlisle Street in the Financial District of an undisclosed city. The property is a development site with plans to build a rental tower with an affordable component, as well as retail space. The sale, which took place on September 10, 2021, involved a joint venture between Grubb Properties and the seller, Pink Stone Capital Group. The transaction was facilitated by Richard Ohebshalom from Grubb Properties and Clay Grubb. The sale price for the property was $89,200,000.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $89,200,000
  • Address: 8 Carlisle Street
  • Market: Financial District
  • Buyer: Grubb Properties
  • Seller: Pink Stone Capital Group

The joint venture between Grubb Properties and Pink Stone Capital Group aims to develop a rental tower with an affordable component. The project will also include retail space. Further details about the transaction, such as square footage and loan amounts, were not provided in the available information.

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Deals
  • Location
    8 Carlisle Street, Financial District, New York, NY, USA8 Carlisle Street, Financial District, New York, NY, USA
  • Sale Price
    $89,150,000$89,150,000
    $131 PPSF$131 PPSF
  • Area
    680,526 SF680,526 SF
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    1 Broker, 1 Agency1 Broker, 1 Agency

Agent

Eric Anton

Eric Anton

Deals6
Financed$139.6M

Agency

Marcus & Millichap

Marcus & Millichap

Agency
Deals7003
Volume$66B

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Deal Summary

SALE/JV IMAGE: Richard Ohebshalom (@Rick_Morad) & Clay Grubb DATE: 09/10/2021 ADDRESS: 8 Carlisle Street MARKET: Financial District ASSET TYPE: Development Site 🏗 BUYER: Grubb Properties SELLER: Pink Stone Capital Group (@PinkStoneCapital) SALE PRICE: $89,200,000 BSF: 340,526 ~ PPBSF: $261 NOTE: The venture intends to develop a rental tower with an affordable component, over retail space.

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8 Carlisle

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