My Sunny Laundry Acquires Mixed-Use Building In Alphabet City, Manhattan For $3.4M
650 East 5th Street New York, New York 10009, USA
$3,400,000
$885/SF
Building Size
3,840 SF
Asset Type
Mixed-use
Closing
Jul 13, 2023
About this deal
AI
A three-unit mixed-use building located at 650 East 5th Street in Alphabet City, Manhattan, has been purchased by My Sunny Laundry, a Florida-based commercial laundry company. The property was sold for a total of $3.4 million by Gwang Il Kim's entity, D & K Plaza Inc.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $3,400,000
- Property Size: 3,840 square feet
- Price per Square Foot: $885
- Address: 650 East 5th Street, Alphabet City, Manhattan
- Market: Alphabet City, Manhattan
- Buyer: My Sunny Laundry - Laurent Broda
- Seller: Gwang Il Kim
This sale represents an investment opportunity for My Sunny Laundry to expand its presence in the Alphabet City area. The three-unit mixed-use building offers a versatile space that can be utilized for both residential and commercial purposes. The transaction was successfully facilitated by Laurent Broda, the buyer's representative, ensuring a smooth and efficient deal between My Sunny Laundry and Gwang Il Kim's entity, D & K Plaza Inc.
Players
South Boston 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
4.67%
Cash-on-Cash
-1.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93