Cofinance Group Acquires Mixed-Use Property At 219-221 East 59th Street For $10.85M
SOLD
$10,850,000
New York
See Similar DealsMixed-use10,560 SF
Sold 03/11/2020
SOLD
Cofinance Group Acquires Mixed-Use Property At 219-221 East 59th Street For $10.85M
219 E 59th St, New York, NY 10022, USA
See Similar DealsMixed-use10,560 SF
Sold 03/11/2020
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,027
Total Square Footage:10,560 SF
Transaction Type:Sale
The mixed-use property located at 219-221 East 59th Street in Midtown East has been sold for a total price of $10,850,000. The property consists of 4 residential units and 2 retail units, with a total square footage of 10,560. The price per square foot comes out to be $1,027, and the price per unit is $1,808,333.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $10,850,000
- Address: 219-221 East 59th Street
- Market: Midtown East
- Units: 4 residential, 2 retail
- Price per square foot: $1,027
- Price per unit: $1,808,333
The seller of the property is Ken Klaffky, while the buyer is represented by Cofinance Group, with Mark Winter-Gitelson, Alex de Montebello, and others involved in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$578,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$38,547.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$51,434.54
Annual Debt Service$617,214.42
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