Rotem Rosen paid $11M to Kiska Developers

Rotem Rosen through the entity MRR 1326 LLC paid Kiska Developers’s Istanbul Hospitality, Inc $10.7 million for 1 parcel, including the tax class miscellaneous office building (O9) at 686 Lexington Avenue in Plaza District. The deal closed on July 18, 2019 and was recorded on July 24, 2019. The parcel(s) have total development potential of 45,000 square feet.
The average sale price per square foot is $357.
The estimated cap rate is 5.1%
The last time the property sold was May 01, 2014, for $13,812,500.

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