Akris Inc Acquires Mixed-Use Property On Madison Ave For $45M
831 Madison Avenue, New York, NY 10021
$45,000,000
$1,323/SF
Building Size
34,000 SF
Asset Type
Mixed-use
Closing
Oct 12, 2020
About this deal
AI
Three mixed-use properties located at 831, 835, and 837 Madison Ave in Lenox Hill have been sold in a recent transaction. The properties feature three groundfloor retail spaces and a combined 15 residences on the floors above. The sale includes a total of 34,000 square feet, with a price per square foot of $1,323. The transaction took place on October 13, 2020, with a sale price of $45,000,000.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $45,000,000
- Address: 831, 835 & 837 Madison Ave
- Market: Lenox Hill
The buyer of the properties is Akris Inc, represented by Peter Kriemler. The seller is the Estate of Myles Lowell. Eastdil's representatives Gary Phillips, Will Silverman, Steve Binswanger, and Jeff Organisciak acted as the seller's representatives in the deal. Daniel Kaplan from CBRE represented Akris Inc in the transaction.
On the Map
$45,000,000
$1,323/SF
Mixed-use
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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
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93