The Morgan Family Acquires Mixed-Use Property In South Street Seaport, Manhattan For $3.4M
279 Water Street, New York City, New York 10038, United States
$3,400,000
$596/SF
Building Size
5,700 SF
Asset Type
Mixed-use
Closing
Dec 15, 2021
About this deal
AI
The mixed-use property located at 279 Water Street & 16 Dover Street in South Street Seaport, Manhattan has been sold for a price of $3,400,000. The transaction took place on December 15, 2021. The property spans across 5,700 square feet, resulting in a price per square foot of $596.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $3,400,000
- Address: 279 Water Street & 16 Dover Street
- Market: South Street Seaport, Manhattan
- Square Footage: 5,700
The buyer of the property is The Morgan Family, while the seller is The Weprin Family. The deal was facilitated by Michael Sherman of Baseline Real Estate Advisors.
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
4.67%
Cash-on-Cash
-1.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93