Midtown Developers Acquires Mixed-use Property In Murray Hill For $20.05M
567 3rd Avenue, New York, NY 10016
$20,050,000
$911/SF
Building Size
22,000 SF
Asset Type
Mixed-use
Closing
Jun 30, 2022
AI
The mixed-use property located at 567, 579 & 571 3rd Ave. in Murray Hill has been sold for a total price of $20,050,000. The property spans across 22,000 square feet, resulting in a price per square foot of $911.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $20,050,000
- Address: 567, 579 & 571 3rd Ave., Murray Hill
- Market: Murray Hill
- Buyer: Midtown Developers
- Seller: Cypress Management
- Square Footage: 22,000
- Price per Square Foot: $911
Midtown Developers acted as the buyer in this transaction, while Cypress Management served as the seller. This deal marks a successful collaboration between both parties, demonstrating their commitment to the property's sale.
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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93