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HUBB NYC Acquires Mixed-Use Property In New York For $24.6M

Property Image
SOLD
$24,600,000

New York

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Mixed-use29,600 SF
Sold 04/11/2016
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Property Image
SOLD

HUBB NYC Acquires Mixed-Use Property In New York For $24.6M

99 Suffolk St, New York, NY, 10002

See Similar Deals
Mixed-use29,600 SF
Sold 04/11/2016
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$831
Total Square Footage:29,600 SF
Transaction Type:Sale

The property involved in this transaction is a mixed-use asset located at 99 Suffolk St, New York, NY, 10002. The sale took place on April 11, 2016, with a transaction amount of $24,600,000.00. The asset encompasses a total square footage of 29,600. The property is situated in the New York market.

Summary of transaction details:

Mei Ling Wong and Michael Decheser, both from Cushman & Wakefield, represented the buyer, HUBB NYC, in this transaction. Their involvement highlights the role of experienced representatives in managing significant real estate deals within the competitive New York market.

Players

Mei Ling Wong
7 deals$47.9M volume(212) 696-2500
BROKER

Michael Decheser
Cushman & Wakefield
41 deals$363.4M volume(917) 974-9207
BROKER

HUBB NYC
BUYER

Details

SOLD
IMAGE: 04/11/2016 ADDRESS: 99 Suffolk St, New York, NY, 10002 MARKET: New York ASSET TYPE: Mixed-use BUYER'S REP: Mei Ling Wong-Cushman & Wakefield, Michael Decheser-Cushman & Wakefield BUYER: HUBB NYC PRICE: $24,600,000.00 SF: 29600

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,312,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$87,398.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$116,616.55
Annual Debt Service$1,399,398.60