Art Gallery @LehmannMaupin Acquires The Getty RetailCondo In Manhattan For $27M
501 W 24th St, New York, NY 10011, USA & 501 W 24th St, New York, NY 10011, USA
Building Size
6,100 SF
Asset Type
—
Closing
Apr 29, 2018
About this deal
AI
The Getty, a retail condo located at 501 West 24th Street in Manhattan, New York, was recently sold for $27,000,000. Spanning across 6,100 square feet, the property was sold at a rate of $4,400 per square foot.
Summary of transaction details
- Property Type: Retail Condo
- Transaction Amount: $27,000,000
- Address: 501 West 24th Street
- City: New York
- Market: Manhattan
- Square Footage: 6,100 sf
- Price per Square Foot: $4,400
The seller of The Getty was the Victor Group, represented by Moshe Shuster and Michael Shvo. The buyer of the property was the Art gallery @LehmannMaupin, owned by Rachel Lehmann and [more details not provided in the CONTEXT].
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93