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Anne Park Acquires Mixed-Use Property At 17 West 24th Street In Flatiron, Manhattan For $8.15M

Property Image
SOLD
$8,150,000

New York

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Mixed-use8,480 SF
Sold 12/29/2023
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Property Image
SOLD

Anne Park Acquires Mixed-Use Property At 17 West 24th Street In Flatiron, Manhattan For $8.15M

17 West 24th Street

See Similar Deals
Mixed-use8,480 SF
Sold 12/29/2023
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$961
Total Square Footage:8,480 SF
Transaction Type:Sale

The mixed-use property located at 17 West 24th Street in Flatiron, Manhattan, has been sold. The property spans 8,480 square feet and was sold for a total price of $8,150,000, resulting in a price per square foot of $961. The transaction closed on December 29, 2023, with a cap rate of 6.1%. The seller of the property was DelShah Capital, represented by Matthew Fotis, Colton Traynham, and Michael Weinstein of Marcus & Millichap. The buyer of the property was Anne Park, represented by Stacy Gim of Compass.

Summary of transaction details

  • Property Type: Mixed-use
  • Sale Price: $8,150,000
  • Square Footage: 8,480
  • Price per Square Foot: $961
  • Cap Rate: 6.1%
  • Seller: DelShah Capital
  • Seller's Representative: Matthew Fotis, Colton Traynham, and Michael Weinstein - Marcus & Millichap
  • Buyer: Anne Park
  • Buyer's Representative: Stacy Gim - Compass

Matthew Fotis, Colton Traynham, and Michael Weinstein from Marcus & Millichap represented the seller, DelShah Capital, in this transaction. Stacy Gim from Compass represented the buyer, Anne Park.

Players

Matt Fotis
111 deals$598M volume(212) 430-5234
BROKER

Colton Traynham
Marcus & Millichap
17 deals$115.2M volume
BROKER

Michael Weinstein
Marcus & Millichap
9 deals$48.1M volume(212) 430-5122
BROKER

Delshah Capital
SELLER

Details

SOLD
IMAGE: Michael Weinstein, Matthew Fotis & Colton Traynham DATE: 12/29/2023 ADDRESS: 17 West 24th Street MARKET: Flatiron, Manhattan ASSET TYPE: Mixed-use SELLER: DelShah Capital SELLER'S REP: Matthew Fotis (@FotisMatt), Colton Traynham (@Col_Tray) & Michael Weinstein (@MikeWeinstein_NYC) - Marcus & Millichap (@MarcusMillichapinc) BUYER: Anne Park BUYER'S REP: Stacy Gim - Compass SALE PRICE: $8,150,000 SF: 8,480 ~ PPSF: $961 CAP RATE: 6.1%

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$434,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$28,955.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$38,635.16
Annual Debt Service$463,621.90