Meridian Capital Group Represents Mazella Family In $20.65M Sale Of Five Mixed-Use Buildings In Hell's Kitchen
692-698 Ninth Avenue, Hell's Kitchen, New York, NY, USA
$20,650,000
$275/SF
Building Size
75,068 SF
Asset Type
Mixed-use
Closing
Oct 22, 2021
About this deal
AI
A five contiguous mixed-use walk-up buildings in Hell’s Kitchen, Midtown West have been sold for $20,650,000. The buildings are located at 692-698 Ninth Avenue & 356 West 48th Street. The property comprises of 60 residential units and 4 retail units, with a total square footage of 45,548. The air rights of the buildings amount to 29,520. The sale price translates to a price per square foot of $453.
Summary of transaction details
- Property Type: Five contiguous mixed-use walk-up buildings
- Transaction Amount: $20,650,000
- Address: 692-698 Ninth Avenue & 356 West 48th Street
- Market: Hell’s Kitchen, Midtown West
- Seller: Mazella Family
- Brokers: Amit Doshi & Shallini Mehra - Meridian Capital Group
- Units: 60 Residential & 4 Retail
The deal was facilitated by brokers Amit Doshi and Shallini Mehra from Meridian Capital Group.
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
0.77%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93