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Kevin Lalezarian Acquires Commercial Property On 3rd Avenue In Murray Hill, Manhattan For $4.5M

Property Image
SOLD
$4,500,000
Kevin Lalezarian
Lloyd Goldman

New York

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Commercial5,910 SF
Sold 05/31/2022
the dealplayerscompscontact
Property Image
SOLD

Kevin Lalezarian Acquires Commercial Property On 3rd Avenue In Murray Hill, Manhattan For $4.5M

571 3rd Avenue, New York City, New York 10016, United States

See Similar Deals
Commercial5,910 SF
Sold 05/31/2022
Kevin Lalezarian
Lloyd Goldman
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Commercial
Price Per Square Foot:$761
Total Square Footage:5,910 SF
Transaction Type:Sale

The commercial property located at 571 3rd Avenue in Murray Hill, Manhattan has been sold in a closed transaction. The property is zoned as C1-9 and has a total building square footage (BSF) of 18,470. The price for the property was $4,500,000, resulting in a price per BSF (PPBSF) of $243. The property has a total area of 5,910 square feet, with a price per square foot (PPSF) of $761. The lot size is 1,847 square feet and the lot dimensions are 15.83 ft x 84.83 ft. The transaction also involved the issuance of an alteration permit on July 26, 2007.

Summary of transaction details

  • Property Type: Commercial
  • Sale Price: $4,500,000
  • Buyer: Kevin Lalezarian
  • Seller: Lloyd Goldman

In this transaction, Kevin Lalezarian acted as the buyer, while Lloyd Goldman represented the seller. The property is classified under tax class 2B and has a floor area ratio (FAR) of 3.20.

Players

Lloyd Goldman
Lloyd Goldman
13 deals$675.9M volume(212) 624-4300
BROKER
Kevin Lalezarian
Lalezarian Properties
Kevin Lalezarian
9 deals$628.1M volume
BUYER

Details

SOLD
IMAGE: 05/31/2022 ADDRESS: 571 3th Avenue MARKET: Murray Hill, Manhattan ASSET TYPE: Commercial ~ ZONING: C1-9 BUYER: Kevin Lalezarian SELLER: Lloyd Goldman PRICE: $4,500,000 BSF: 18,470 ~ PPBSF: $243 SF: 5,910 ~ PPSF: $761 FAR: 3.20 TAX CLASS: 2B LOT SIZE: 1,847 PERMITS: Alteration 3 (07/26/2007) LOT DIMENSION: 15.83 ft x 84.83 ft

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Deal Type
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