Benchmark Real Estate Group Sells Mixed-Use Property In East Village For $14.6M
341 East 9th Street, New York City, New York 10003, United States
$14,600,000
$973/SF
Building Size
15,000 SF
Asset Type
Mixed-use
Closing
Jun 23, 2022
About this deal
AI
The mixed-use property located at 341 & 437 East 9th St. in East Village has been sold in a transaction completed on 06/24/2022. The buyer, Alex Jaehak, acquired the property from Benchmark Real Estate Group for a sale price of $14,600,000. The property consists of 36 units with an average price per unit of $405,555. The total square footage of the property is 14,370, with an average price per square foot of $1,016.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $14,600,000
- Units: 36
- Price per Unit: $405,555
- Total Square Footage: 14,370
- Price per Square Foot: $1,016
The deal was facilitated by the brokers Brandon Polakoff, Ryan McGuirl, David Shalom, Eric Karmitz, and Joe Moran from Avison Young, representing both the buyer and the seller.
Note from the broker: The property at 341 East 9th Street comprises 18 units with a price per square foot of $1,338. The property at 437 East 9th Street also includes 18 units and has a rent-stabilization rate of 56%.
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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
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93