Minamoto Kitchoan Acquires Mixed-Use Property On 604 5th Avenue In Midtown For $44.96M
SOLD
$44,960,000
New York
See Similar DealsMixed-use18,000 SF
Sold 04/09/2021
SOLD
Minamoto Kitchoan Acquires Mixed-Use Property On 604 5th Avenue In Midtown For $44.96M
604 5th Avenue, New York, NY, USA
See Similar DealsMixed-use18,000 SF
Sold 04/09/2021
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$2,497
Total Square Footage:18,000 SF
Transaction Type:Sale
The mixed-use property located at 604 5th Avenue in Midtown has been sold in a recent transaction. The sale took place on April 9, 2021.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $44,960,000
- Address: 604 5th Avenue
- Market: Midtown
- Square Footage: 18,000
- Price per Square Foot: $2,497
The buyer of the property is Minamoto Kitchoan, while the seller is the Riese Organization. The deal was facilitated by brokers Adelaide Polsinelli from Compass and Michael Coghill from Adirondack Capital Partners.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,397,866.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,733.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,133.34
Annual Debt Service$2,557,600.05
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