HUBBNYC Acquires Mixed Use Building In Manhattan From Allen Park For $14.25M
186-188 1st Avenue, Manhattan, New York, NY, USA
$14,250,000
$956/SF
Building Size
14,900 SF
Asset Type
Mixed-use
Closing
Dec 20, 2017
About this deal
AI
The mixed-use building located at 186-188 1st Avenue in New York City, Manhattan has been sold in a closed transaction. The property consists of 16 apartments and 3 retail spaces, spanning a total of 14,900 square feet. The transaction took place on December 21, 2017, with a sale price of $14,250,000. The price per square foot for this property is $956.
Summary of transaction details:
- Property Type: Mixed Use Building
- Transaction Amount: $14,250,000
- Address: 186-188 1st Avenue, New York, Manhattan
- Market: Manhattan
Allen Park acted as the seller in this transaction, while HUBBNYC was the buyer. The deal was facilitated by Michael Ferrara from Brax Realty LLC, who represented both the buyer and the seller. Ferrara mentioned that the seller had been managing the buildings since 1980 and decided to cash out and retire. The seller's requirement for a year-end closing was met, and HUBBNYC moved quickly to sign a hard contract and close the transaction with all cash in just two weeks.
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
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93