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Michael P.N.A. Hormel Sells Tribeca Condo For $12.3M After Nearly Five Years
SOLD
$12,300,000
New York
See Similar DealsCondo3,700 SF
Sold 05/07/2025
SOLD
Michael P.N.A. Hormel Sells Tribeca Condo For $12.3M After Nearly Five Years
30 Park Place
See Similar DealsCondo3,700 SF
Sold 05/07/2025
Summary
NEW YORK
Asset Type:Condo
Price Per Square Foot:$3,324
Total Square Footage:3,700 SF
Transaction Type:Sale
The property involved in this transaction is a condo located at 30 Park Place in the Tribeca market. It has a total square footage of 3,700 and was sold for $12,300,000, resulting in a price per square foot of $3,324.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $12,300,000
- Address: 30 Park Place
- Market: Tribeca
- Square Footage: 3,700
- Price Per Square Foot: $3,324
- Seller: Michael P.N.A. Hormel
Michael P.N.A. Hormel, the seller of the property, is the widower of the late LGBTQ philanthropist and ambassador James Hormel. The sale occurred nearly five years after the apartment was initially purchased for $11.3 million.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$655,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$43,699.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$58,308.28
Annual Debt Service$699,699.30
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