Benzion Morgenstern Acquires East Harlem Mixed-Use Property For $6.5M
2033 1st Avenue, New York, NY 10029, USA
$6,500,000
$365/SF
Building Size
17,800 SF
Asset Type
Mixed-use
Closing
Jul 1, 2019
About this deal
AI
A mixed-use property located at 2033 First Avenue in East Harlem has been sold for $6,500,000. The property, consisting of 17,800 square feet, was listed for an asking price of $7,950,000, resulting in a price per square foot of $365.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $6,500,000
- Address: 2033 First Avenue, East Harlem
- Market: East Harlem
Roberta Greenberg, the seller, successfully closed the deal with Benzion Morgenstern as the buyer. The transaction was facilitated by brokers Robert Shapiro and Jordan Sutton.
It is worth noting that the residential component of this building has been vacant for over 30 years, adding a unique aspect to the property.
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
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93