Midwood Investment And Development Acquires Mixed-Use Property In New York For $23.4M
154 7th Ave, New York, NY, 10011
$23,400,000
Building Size
—
Asset Type
Mixed-use
Closing
Oct 13, 2017
About this deal
AI
The transaction involves a mixed-use property located at 154 7th Ave, New York, NY, 10011, within the New York market. The property was sold for $23,400,000.00. The assets included in this deal consist of two buildings situated at the corner of 19th Street, specifically 152 and 154 Seventh Avenue. The previous owner, Renatus Group, acquired the properties for $10.5 million from longtime owner Michael Connolly prior to the sale.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $23,400,000.00
- Seller's Representative: Matthew Marshall - Marshall Real Estate
- Buyer: Midwood Investment and Development
- Date of Sale: 10/13/2017
The acquisition was made by Midwood Investment and Development, a firm based on Park Avenue, led by John Usdan. Renatus Group's representatives did not respond to requests for comments, and a spokesperson for Midwood also declined to comment on the transaction.
Players
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
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93