Chul Ho Chong Acquires Mixed-Use Property On Sixth Avenue In NoMad For $6.85M
816 6th Ave, New York, NY 10001, USA
$6,850,000
$1,735/SF
Building Size
3,947 SF
Asset Type
Mixed-use
Closing
Sep 18, 2019
About this deal
AI
The mixed-use property located at 816 Sixth Avenue in NoMad has been sold in a closed transaction. The property was previously owned by Bill Nikolis, who operated Bills Flower Market. The buyer of the property is Chul Ho Chong. The sale price for the property was $6,850,000, which is below the asking price of $7,950,000. The property spans 3,947 square feet, resulting in a price per square foot of $1,735. It consists of four units, with each unit having a price per unit of $1,712,500.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $6,850,000
- Square Footage: 3,947
- Price per Square Foot: $1,735
- Address: 816 Sixth Avenue, NoMad
John Ciraulo and Craig Waggner from CushWake represented the seller, Bill Nikolis, in the deal. No further details were provided regarding the involvement of other individuals or companies in this transaction.
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
2.32%
Cash-on-Cash
-0.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93