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257 Water Street, New York ...

Churchill Real Estate Holdings Sells Mixed-Use Property In South Street Seaport, Manhattan For $24.5M With Buyer's Rep Julian Kiguel - REDA Holdings
SOLDMixed-use

Churchill Real Estate Holdings Sells Mixed-Use Property In South Street Seaport, Manhattan For $24.5M With Buyer's Rep Julian Kiguel - REDA Holdings

257 Water Street, New York City, New York 10038, United States

$24,500,000

Building Size

Asset Type

Mixed-use

Closing

Jan 26, 2022

AI

The mixed-use property at 257 Water Street (23 Peck Slip) in South Street Seaport, Manhattan was recently sold for $24,500,000. The transaction took place on January 26, 2022. The property spans 27,522 square feet, resulting in a price per square foot of $890.

Summary of transaction details

The sale of this mixed-use property was facilitated by Maurice Suede and Dan Soyak from Cushman & Wakefield, representing the seller, Churchill Real Estate Holdings. On the buyer's side, Julian Kiguel from REDA Holdings served as the representative. The transaction demonstrates the robust nature of the South Street Seaport market in Manhattan, where properties such as this one continue to attract significant investment.

Players

Dan Soyak

Cushman & Wakefield

Broker

$115.8M

vol

14 deals

Broker
Churchill Real Estate
Churchill Real EstateSeller
Churchill Real Estate
Churchill Real EstateLender

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

0.65%

Cash-on-Cash

-0.19%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93