Lloyd Cropper Sells Mixed-Use Property In East Harlem For $4.5M
1984 3rd Avenue, New York, NY, USA
$4,500,000
$229/SF
Building Size
19,643 SF
Asset Type
Mixed-use
Closing
Dec 3, 2020
About this deal
AI
The mixed-use property located at 1984-1990 Third Avenue in East Harlem was recently sold for a transaction amount of $4,500,000. The property is zoned as R9, C2-5, EHC and features a total building square footage of 57,761. With a price per building square footage of $77, the property comprises 16 units, resulting in a price per unit of $346,154. The total square footage of the property is 19,643, and the price per square footage is $229.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $4,500,000
- Address: 1984-1990 Third Avenue
- Market: East Harlem
- Zoning: R9, C2-5, EHC
Peter Von Der Ahe, Seth Glasser, Jacob Kahn, and Haley Hasho from New York Multifamily at Marcus & Millichap represented the seller, Lloyd Cropper, in this transaction.
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
3.53%
Cash-on-Cash
-1.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93