Jeffrey Simpson Acquires Commercial Property On University Place, Greenwich Village, Manhattan For $31M
SOLD
$31,088,605
New York
See Similar DealsCommercial70 SF
Sold 05/23/2022
SOLD
Jeffrey Simpson Acquires Commercial Property On University Place, Greenwich Village, Manhattan For $31M
88 University Place, New York City, New York 10003, United States
See Similar DealsCommercial70 SF
Sold 05/23/2022
Summary
NEW YORK
Asset Type:Commercial
Price Per Square Foot:$444,122
Total Square Footage:70 SF
Transaction Type:Sale
A commercial property located at 88 University Place in Greenwich Village, Manhattan has been sold in a recent transaction. The property is zoned as C1-7 and spans a lot size of 6,750 square feet with dimensions of 31.75 ft x 110.83 ft. The last recorded sale of the property was on July 30, 2015, for a price of $70,000,000. An alteration permit was issued on August 29, 2019. The property has a floor area ratio (FAR) of 10.47 and falls under tax class 4.
Summary of transaction details
- Property Type: Commercial
- Transaction Amount: $31,088,605
- Buyer: Jeffrey Simpson
- Market: Greenwich Village, Manhattan
- Building Square Footage: 40,635
- Price per Building Square Foot: $765
- Total Square Footage: 70,672
- Price per Square Foot: $439
Jeffrey Simpson, representing himself, has acquired the property at 88 University Place. The transaction closed on May 23, 2022.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,658,058.92
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$110,451.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$147,375.85
Annual Debt Service$1,768,510.18
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