Icon Realty Management Acquires Mixed Use Property On Lexington Ave For $7.7M
794 Lexington Avenue
$7,700,000
$1,412/SF
Building Size
5,453 SF
Asset Type
Mixed-use
Closing
Sep 24, 2018
AI
The mixed-use property located at 794 Lexington Ave in Lenox Hill has been sold for a total price of $7,700,000. Spanning 5,453 square feet, the property was sold at a price per square foot of $1,412. The transaction took place on 09/24/2018.
Summary of transaction details
- Property Type: Mixed Use
- Sale Price: $7,700,000
- Square Footage: 5,453
- Price per Square Foot: $1,412
- Address: 794 Lexington Ave, Lenox Hill
- Seller: Dennis Kiley
- Buyer: Icon Realty Management (Terrence Lowenberg, Todd Cohen)
- Broker: Andrew Natter of Alcott Acquisitions
- Market: Lenox Hill
The property had long term ownership and was under market rents. The deal presented a going-in cap rate of 4.5% with potential for upside.
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
2.06%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93