Akris Inc Acquires Mixed-Use Property On Madison Ave For $45M
SOLD
$45,000,000
+ 3
New York
See Similar DealsMixed-use34,000 SF
Sold 10/13/2020
SOLD
Akris Inc Acquires Mixed-Use Property On Madison Ave For $45M
831 Madison Avenue, New York, NY 10021
See Similar DealsMixed-use34,000 SF
Sold 10/13/2020
+ 3
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,323
Total Square Footage:34,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,400,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50
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