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Jack Haddad And Michelle Haddad Acquire Co-Op From Jimmy Cayne For $4.5 Million On Park Avenue
SOLD
$4,500,000
New York
See Similar DealsCo-Op
Sold
SOLD
Jack Haddad And Michelle Haddad Acquire Co-Op From Jimmy Cayne For $4.5 Million On Park Avenue
510 Park Avenue
See Similar DealsCo-Op
Sold
Summary
NEW YORK
Asset Type:Co-Op
Transaction Type:Sale
The asset involved in this transaction is a co-op located at 510 Park Avenue within the Upper East Side market. The property was sold for $4,500,000, representing a significant reduction from its original asking price of $15 million. This co-op had been on the market for over a decade since it was first listed in 2013 before finally closing this sale.
Summary of transaction details:
- Property Type: Co-Op
- Transaction Amount: $4,500,000
- Buyer: Jack Haddad & Michelle Haddad
- Seller: Jimmy Cayne
- Broker: Loy Carlos - Nest Seekers International
This transaction involved Jimmy Cayne completing the sale of his longtime Park Avenue co-op. Loy Carlos from Nest Seekers International represented the seller in this deal, indicating the professional brokerage engagement throughout the transaction process.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$240,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,987.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,332.30
Annual Debt Service$255,987.55
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