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Michael Cohen Acquires Commercial Property In Koreatown, Manhattan For $9.7M

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SOLD
$33,874,200

New York

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Commercial55,517 SF
Sold 03/24/2022
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Property Image
SOLD

Michael Cohen Acquires Commercial Property In Koreatown, Manhattan For $9.7M

42 West 35th Street, New York City, New York 10001, United States

See Similar Deals
Commercial55,517 SF
Sold 03/24/2022
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Summary

NEW YORK
Asset Type:Commercial
Price Per Square Foot:$610
Total Square Footage:55,517 SF
Transaction Type:Sale

Located at 1330 Broadway in Koreatown, Manhattan, this commercial property was recently sold in a closed transaction. The property is zoned as C6-6 and MiD, making it suitable for various commercial purposes. The sale took place on July 18, 2022, with a transaction price of $9,700,000. The property spans 5,635 square feet, resulting in a price per square foot (PPSF) of $1,721. Additionally, the building's square footage (BSF) is 16,905 with a price per BSF of $573. The lot size is recorded as 1,127, and the lot dimensions measure 18.75 ft x 60 ft. The property has a floor area ratio (FAR) of 5.00 and falls under tax class 4.

Summary of transation details

  • Property Type: Commercial
  • Transaction Amount: $9,700,000
  • Market: Koreatown, Manhattan
  • Zoning: C6-6, MiD
  • Square Footage: 5,635 SF
  • Price per Square Foot (PPSF): $1,721
  • Building Square Footage (BSF): 16,905
  • Price per BSF: $573
  • Lot Size: 1,127
  • Lot Dimensions: 18.75 ft x 60 ft
  • Floor Area Ratio (FAR): 5.00
  • Tax Class: 4

The buyer in this transaction was Michael Cohen, and the seller was Salvatore Bullaro. The property's previous sale took place on April 7, 2009, at a price of $700,000. An alteration permit was issued on August 22, 2014. It's important to note that no additional information was provided regarding loans, permits, or other individuals involved in the deal.

Players

5 deals$221.4M volume
BUYER

Details

SOLD
IMAGE: 07/18/2022 ADDRESS: 1330 Broadway MARKET: Koreatown, Manhattan ASSET TYPE: Commercial ~ ZONING: C6-6, MiD BUYER: Michael Cohen SELLER: Salvatore Bullaro PRICE: $9,700,000 BSF: 16,905 ~ PPBSF: $573 SF: 5,635 ~ PPSF: $1,721 FAR: 5.00 TAX CLASS: 4 LOT SIZE: 1,127 LAST SALE PRICE: $700,000 (04/07/2009) PERMITS: Alteration 1 (08/22/2014) LOT DIMENSION: 18.75 ft x 60 ft

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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$120,347.88
Cash-on-Cash Return-1.27%
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