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Glass Stone Properties LLC Acquires Mixed-Use Building In SoHo, Manhattan For $21M
SOLD
New York
See Similar DealsMixed-use13,816 SF
Sold
SOLD
Glass Stone Properties LLC Acquires Mixed-Use Building In SoHo, Manhattan For $21M
173 Spring Street
See Similar DealsMixed-use13,816 SF
Sold
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1520
Total Square Footage:13816 SF
Transaction Type:Sale
The mixed-use building at 173 Spring Street in SoHo, Manhattan, was sold for $21 million. The property spans 13,816 square feet with a price per square foot of $1,520. The building's price per buildable square foot stood at $1,109, totaling 18,940 buildable square feet.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $21,000,000
- Address: 173 Spring Street
- Market: Soho, Manhattan
- Buyer: Glass Stone Properties LLC
- Seller: Extell Development, Bluestone Group & Princeton Real Estate Partners
- Brokers: Dylan Kane, Eric Toddy, Jared King, Peter Nicoletti, Sarah Short & Zach Redding - colliers-international'>Colliers International
Glass Stone Properties LLC acquired the property from Extell Development, Bluestone Group, and Princeton Real Estate Partners as part of a larger portfolio once owned by Robert Gans, who lost it in bankruptcy.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,120,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56
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