Itzhaki Acquisitions Acquires Mixed-Use Property In Midtown East For $14M
224 E 59th St, New York, NY 10022, USA
Building Size
118,270 SF
Asset Type
Mixed-use
Closing
Jun 19, 2018
About this deal
AI
A mixed-use retail and residential property located at 224 East 59th Street in Midtown East, New York, has recently been sold for a price of $14,000,000. Spanning across 11,827 square feet, the property offers a combination of retail and residential units. The sale price of $14,000,000 translates to a price per square foot of $1183. The property consists of 17 units, with 6 residential units and 11 furnished apartments, along with one retail tenant, Katagiri.
Summary of transaction details
- Property Type: Mixed-Use Retail Residential
- Transaction Amount: $14,000,000
- Size: 11,827 square feet
- Price Per Square Foot: $1183
- Number of Units: 17 (6 Residential, 11 Furnished Apartments, and 1 Retail Tenant - Katagiri)
Erez Itzhaki, Gil Boosidan, and Clint Olsen were involved in this transaction. Itzhaki Acquisitions, led by Erez Itzhaki, acted as the seller in the deal.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93