Bobby Zar & James Tamborlane Acquire Mixed-Use Property In NoHo For $10M
SOLD
$10,000,000
+ 3
New York
See Similar DealsMixed-use19,979 SF
Sold 05/19/2020
SOLD
Bobby Zar & James Tamborlane Acquire Mixed-Use Property In NoHo For $10M
654 Broadway, New York, NY 10012
See Similar DealsMixed-use19,979 SF
Sold 05/19/2020
+ 3
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$500
Total Square Footage:19,979 SF
Transaction Type:Sale
Located at 654 Broadway in the NoHo neighborhood, a mixed-use property has been sold for a total of $10,000,000. The property spans 19,979 square feet, resulting in a price per square foot of $500. The transaction took place on May 19, 2021.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $10,000,000
- Address: 654 Broadway
- Market: NoHo
The buyer of the property was Bobby Zar & James Tamborlane, represented by ZG Capital. They acquired the property from Ken Bernstein, who was represented by Acadia Realty Trust. The deal was facilitated by brokers Brian Segall and George Martinecz ewmark.
Furthermore, a loan amount of $6,500,000 was obtained from Goldman Sachs, with the brokerage services provided by Daniel Fromm from Newmark.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,405.10
Annual Debt Service$568,861.22
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