Paravalos Family Purchases Mixed-use Building From Raymond Family In Gramercy Park For $10.3M
SOLD
$10,300,000
New York
See Similar DealsMixed-use12,816 SF
Sold
SOLD
Paravalos Family Purchases Mixed-use Building From Raymond Family In Gramercy Park For $10.3M
226 3rd Avenue
See Similar DealsMixed-use12,816 SF
Sold
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$803
Total Square Footage:12816 SF
Transaction Type:Sale
The mixed-use property located at 226 3rd Avenue in the Gramercy Park market has sold for $10,300,000. The building spans a total square footage of 12,816, translating to a price per square foot of $803.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $10,300,000
- Buyer: Paravalos Family
- Seller: Raymond Family
- Broker Representatives: Adam Lobel, Zachary Ziskin, & Justin Zeitchik - Investment Property Realty Group (IPRG)
The transaction was executed in less than 60 days, with an all-cash closing arrangement. The listing team was instrumental in procuring the buyer for this trophy elevator building.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$549,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$36,593.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$48,827.25
Annual Debt Service$585,927.06
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