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Adams & Co. Real Estate Acquires Mixed-Use Building In Manhattan's Flatiron District For $28.1M

Property Image
SOLD
$28,100,000
James Buslik
Justin Elghanayan
+ 2

New York

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Mixed-use
Sold 07/26/2023
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SOLD

Adams & Co. Real Estate Acquires Mixed-Use Building In Manhattan's Flatiron District For $28.1M

47 W 17th St New York, NY 10011, USA

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Mixed-use
Sold 07/26/2023
James Buslik
Justin Elghanayan
+ 2
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Summary

NEW YORK
Asset Type:Mixed-use
Transaction Type:Sale

A prewar 12-story building located at 47 West 17th Street in Manhattan's Flatiron District has been sold for $28.1 million. The buyer, Adams & Co. Real Estate, acquired the mixed-use property from Rockrose Development. The building features empty retail space, adding to its potential value.

Summary of transaction details

  • Property Type: Mixed-Use
  • Transaction Amount: $28,100,000
  • Buyer: Adams & Co. Real Estate - James B. Buslik, David Levy, Kenneth Walsh, John Perlman
  • Seller: Rockrose Development - Henry Elghanayan, Justin Elghanayan
  • Address: 47 West 17th Street
  • Market: Manhattan

Adams & Co. Real Estate, represented by James B. Buslik, David Levy, Kenneth Walsh, and John Perlman, completed the purchase of the prewar building at 47 West 17th Street. The transaction involved several key individuals and companies, including the seller, Rockrose Development, represented by Henry Elghanayan and Justin Elghanayan. The acquisition of this mixed-use property presents an opportunity for Adams & Co. Real Estate to utilize the empty retail space and maximize its value.

Players

15 deals$131.3M volume
BUYER

James Buslik
9 deals$64.1M volume
BUYER


3 deals$64.1M volume
BUYER

Details

SOLD
IMAGE: James B. Buslik, Kenneth Walsh, David Levy, John Perlman, Henry Elghanayan & Justin Elghanayan DATE: 07/26/2023 ADDRESS: 47 West 17th Street MARKET: Manhattan ASSET TYPE: Mixed-Use BUYER: Adams & Co. Real Estate (@AdamsRENYC) - James B. Buslik, David Levy, Kenneth Walsh & John Perlman SELLER: Rockrose Development (@RockroseNY) - Henry Elghanayan & Justin Elghanayan (@JustinElghanayan) SALE PRICE: $28,100,000 NOTE: A prewar 12-story building in Manhattan's Flatiron District, located at 47 W. 17th St., was sold to Adams & Co. Real Estate for $28.1 million. The property, sold by Rockrose Development, is a mixed-use building with empty retail space.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,498,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$99,833.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$133,208.34
Annual Debt Service$1,598,500.03