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113 East 2nd Street, New Yo...

Mike Lavian Acquires Mixed-use Property In EV For $7.4M
SOLDMixed-use

Mike Lavian Acquires Mixed-use Property In EV For $7.4M

113 East 2nd Street, New York, NY 10009

$7,400,000

$1,058/SF

Building Size

6,993 SF

Asset Type

Mixed-use

Closing

Feb 3, 2019

AI

Located at 113 E. 2nd St. in the East Village, this mixed-use property was recently sold in a bankruptcy sale. The transaction took place on February 4, 2019, and the seller was Phil Hartman and Doris Kornish. The buyer of the property is Mike Lavian. The property spans 6,993 square feet and is situated in the dynamic EV market. The sale price for this property was $7,400,000, resulting in a price per square foot of $1,058.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $7,400,000
  • Square Footage: 6,993
  • Address: 113 E. 2nd St.
  • Market: East Village (EV)

The sale of this property was facilitated by two brokers, Shlomo Gelernter and Moshe Herskovich from esengroup, as well as Nick Gavin from Compass. They played a crucial role in bringing together the buyer and seller for this transaction.

Players

Shlomo Gelernter

Spur House Partners

Broker

$22M

vol

4 deals

Broker

New York Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.14%

Cash-on-Cash

-0.61%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93