Manhattan Five Acquires 356 Bowery Mixed-Use Property For $8.9M
356 Bowery, New York, NY, USA
$8,900,000
$1,446/SF
Building Size
6,155 SF
Asset Type
Mixed-use
Closing
Jan 31, 2019
AI
The mixed-use property located at 356 Bowery was recently sold for $8,900,000. Spanning 6,155 square feet, the property was sold at a price per square foot of $1,445. The transaction took place on February 1, 2019.
Summary of transaction details
- Property Type: Mixed-use
- Sale Price: $8,900,000
- Square Footage: 6,155
- Price Per Square Foot: $1,445
- Transaction Date: February 1, 2019
The seller of the property was Ultimate Realty, represented by Michael Sabbagh. They had acquired the vacant property a year ago from Centurion Realty for $7,000,000. The buyer, Manhattan Five, was represented by Jeffrey Srulowitz. The deal was facilitated by brokers James Nelson and Brandon Polakoff from Avison Young.
Players
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
1.78%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93