Buddhist Compassion Relief Tzu Chi Foundation Acquires Mixed Use Property In Lenox Hill, Manhattan For $8.8M
SOLD
$8,800,000
New York
See Similar DealsMixed-use5,600 SF
Sold 11/29/2020
SOLD
Buddhist Compassion Relief Tzu Chi Foundation Acquires Mixed Use Property In Lenox Hill, Manhattan For $8.8M
229 E 60th St, New York, NY 10022, USA
See Similar DealsMixed-use5,600 SF
Sold 11/29/2020
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,571
Total Square Footage:5,600 SF
Transaction Type:Sale
The Galleum, located at 229 East 60th Street in the Lenox Hill neighborhood of Manhattan, has been sold for a total price of $8,800,000. This mixed-use property spans 5,600 square feet, resulting in a price per square foot of $1,571.
Summary of transaction details:
- Property Type: Mixed Use
- Transaction Amount: $8,800,000
- Address: 229 East 60th Street, New York, NY 10022
- Market: Lenox Hill
Prince John Landrum Bryant, the seller of The Galleum, has successfully closed this deal with the buyer, Buddhist Compassion Relief Tzu Chi Foundation. The transaction was facilitated by the brokerage firm, The Besen Group, with Greg Corbin representing the seller's side.
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30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$469,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,264.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$41,716.49
Annual Debt Service$500,597.87
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