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Michael Lorber & Howard Lorber Acquire Commercial Property On Park Avenue For $7.4M
SOLD
$7,400,000
New York
See Similar DealsCommercial
Sold 01/12/2024
SOLD
Michael Lorber & Howard Lorber Acquire Commercial Property On Park Avenue For $7.4M
730 Park Avenue
See Similar DealsCommercial
Sold 01/12/2024
Summary
NEW YORK
Asset Type:Commercial
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$394,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$26,290.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$35,079.78
Annual Debt Service$420,957.30
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