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Retail Investor Acquires 32,780-Square-Foot Retail Condo In Penn Station For $30M
SOLD
$30,000,000
New York
See Similar DealsCondo32,780 SF
Sold 01/11/2024
SOLD
Retail Investor Acquires 32,780-Square-Foot Retail Condo In Penn Station For $30M
115 West 31st Street
See Similar DealsCondo32,780 SF
Sold 01/11/2024
Summary
NEW YORK
Asset Type:Condo
Price Per Square Foot:$915
Total Square Footage:32,780 SF
Transaction Type:Sale
A 32,780-square-foot retail condominium located at 115 West 31st Street in Penn Station, Manhattan was sold for $30 million. The property is a condo and is situated in the Penn Station market. The sale price per square foot was $915.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $30,000,000
- Square Footage: 32,780
- Price per Square Foot: $915
- Address: 115 West 31st Street
- Market: Penn Station, Manhattan
Retail investor Hi Jong Lee, operating through 500 W. Merrick Realty LLC, purchased the retail condominium from Tony Park and MediaWill's 110 West 32nd LLC.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,600,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66
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