Michael Lorber & Howard Lorber Acquire Commercial Property On Park Avenue For $7.4M
730 Park Avenue
$7,400,000
Building Size
—
Asset Type
Commercial
Closing
Jan 12, 2024
AI
Douglas Elliman broker Michael Lorber, son of Elliman chair Howard Lorber, and his husband purchased a co-op at 730 Park Avenue in Lenox Hill, Manhattan for $7.4 million. The property, located at 730 Park Avenue, is a commercial asset.
Summary of transaction details
- Property Type: Commercial
- Transaction Amount: $7,400,000
- Address: 730 Park Avenue, Lenox Hill, Manhattan
- Buyer: Michael Lorber & Howard Lorber
- Seller: Edward Minskoff
- Brokers: Burt Savitsky - Brown Harris Stevens & Madeline Hult Elghanayan - Douglas Elliman
Michael Lorber and his husband acquired the property at a discounted price of $7.4 million, which is $10 million less than its listing price two years ago.
Players
New York Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.14%
Cash-on-Cash
-0.61%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93