Toby Moskovits’ Heritage Equity Partners pays $10M to Robert Newblatt for property in Mott Haven

Toby Moskovits’ Heritage Equity Partners through the entity 286 Rider Ave Acquisition LLC paid Robert Newblatt’s 286 Rider Associates, LLC $10.0 million for 286 Rider Avenue in Mott Haven. The deal closed on September 19, 2019, and was recorded on September 30, 2019. The transaction consists of 1 parcel, including the tax class fireproof warehouse (E1). The property is 147,866 square feet. The parcel(s) have total development potential of 147,866 square feet.
The average sale price per square foot is $119.
The estimated cap rate is 1.4%

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 2 new building permit applications totaling 117,562 square feet. Those plans include a total of 129 residential or hotel units.
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