Metro Management Development Sells Mixed-Use Property In Chelsea For $17.5M
SOLD
$17,500,000
+ 3
New York
See Similar DealsMixed-use34,090 SF
Sold 10/12/2021
SOLD
Metro Management Development Sells Mixed-Use Property In Chelsea For $17.5M
191 7th Avenue, Manhattan, New York, NY, USA
See Similar DealsMixed-use34,090 SF
Sold 10/12/2021
+ 3
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$513
Total Square Footage:34,090 SF
Transaction Type:Sale
The mixed-use property located at 191-197 Seventh Ave. in Chelsea has been sold for a total price of $17,500,000. The property spans a total area of 34,090 square feet, resulting in a price per square foot of $513. The asset is zoned as R8A and C2-5, allowing for a variety of uses.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $17,500,000
- Address: 191-197 Seventh Ave.
- Market: Chelsea
- Zoning: R8A, C2-5
The seller of the property was Metro Management Development. The deal was facilitated by Cushman & Wakefield, with the following brokers involved: Rob Shapiro, Andrew Berry, Michael Gembecki, Charlie Gravina, Austin Fabel, and Nicholas Kontos.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$933,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$62,173.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$82,958.93
Annual Debt Service$995,507.14
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