Retail Investor Acquires 32,780-Square-Foot Retail Condo In Penn Station For $30M
115 West 31st Street
$30,000,000
$915/SF
Building Size
32,780 SF
Asset Type
Condo
Closing
Jan 11, 2024
About this deal
AI
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.
On the Map
$30,000,000
$915/SF
Condo
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Players
New York Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Deal FAQ
About $915 per square foot on a published $30M for 32,780 square feet (2024).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93