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Klosed Properties Acquires Mixed-Use Building From PJJC Realty For $5.2 Million In Manhattan

Property Image
SOLD
$5,200,000
Michael Gembecki
Bobby Carrozzo
+ 3

New York

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Mixed-use9,915 SF
Sold 08/06/2024
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Property Image
SOLD

Klosed Properties Acquires Mixed-Use Building From PJJC Realty For $5.2 Million In Manhattan

176 Rivington Street

See Similar Deals
Mixed-use9,915 SF
Sold 08/06/2024
Michael Gembecki
Bobby Carrozzo
+ 3
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$524
Total Square Footage:9,915 SF
Transaction Type:Sale

The property located at 176 Rivington Street is a mixed-use asset in the Lower East Side of Manhattan. The transaction was completed for a sale price of $5,200,000, encompassing a total square footage of 9,915 with a price per square foot of $524.

Summary of transaction details:

The key individuals involved in this transaction include the buyer, Klosed Properties, and the seller, PJJC Realty, represented by Tek Lim Chen. The transaction was facilitated by a team of brokers from Cushman & Wakefield, highlighting the collaborative effort in this mixed-use real estate deal.

Players

Michael Gembecki
33 deals$437.7M volume(212) 660-7743
BROKER

Robert Burton
Cushman & Wakefield
34 deals$615.4M volume
BROKER

Bobby Carrozzo
Cushman & Wakefield
35 deals$432.1M volume
BROKER

Bryan Hurley
Cushman & Wakefield
42 deals$428.3M volume(212) 660-7706
BROKER

Michael Decheser
Cushman & Wakefield
41 deals$363.4M volume(917) 974-9207
BROKER

Evan Lush
Cushman & Wakefield
9 deals$126.1M volume(212) 318-9769
BROKER

Details

SOLD
IMAGE: Robert Burton, Michael Decheser, Bryan Hurley, Bobby Carrozzo, Michael Gembecki & Evan Lush DATE: 08/06/2024 ADDRESS: 176 Rivington Street MARKET: Lower East Side, Manhattan ASSET TYPE: Mixed-use BUYER: Klosed Properties (@KlosedProperties) SELLER: PJJC Realty - Tek Lim Chen BROKERS: Robert Burton, Michael Decheser (@MichaelFDeCheser), Bryan Hurley, Bobby Carrozzo (@Bobby_Carrozzo), Michael Gembecki & Evan Lush (@Evan_Lush) - Cushman & Wakefield (@CushWake) SALE PRICE: $5,200,000 SF: 9,915 ~ PPSF: $524

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

$277,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$18,474.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,650.65
Annual Debt Service$295,807.83