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Global Asset Properties Acquires Retail Condo Units From David Lichtenstein For $7.7M
SOLD
$7,700,000
New York
See Similar DealsCondo3,846 SF
Sold 10/31/2025
SOLD
Global Asset Properties Acquires Retail Condo Units From David Lichtenstein For $7.7M
485 7th Avenue
See Similar DealsCondo3,846 SF
Sold 10/31/2025
Summary
NEW YORK
Asset Type:Condo
Price Per Square Foot:$2,002
Total Square Footage:3,846 SF
Transaction Type:Sale
The asset involved in this transaction is a condo located at 485 7th Avenue in the Garment District, Manhattan. The condo measures 3,846 square feet and was sold for a transaction price of $7,700,000, resulting in a price per square foot of $2,002.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $7,700,000
- Sale Date: 10/31/2025
- Buyer: Global Asset Properties
- Seller: David Lichtenstein - Lightstone Group
- Square Footage: 3,846
- Price per Square Foot: $2,002
Global Asset Properties acquired two retail condo units from David Lichtenstein, who is associated with Lightstone Group. The seller had previously secured $15.2 million in debt in 2021, which was approximately double the sale price of the condo units in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$410,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$27,356.47
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,501.93
Annual Debt Service$438,023.14
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