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Marvin Azrak's Maguire Capital Group Buys $9M Note Secured By Stone Street Buildings
SOLD
$9,000,000
New York
See Similar DealsNote / Loan
Sold 04/08/2024
SOLD
Marvin Azrak's Maguire Capital Group Buys $9M Note Secured By Stone Street Buildings
53 Stone Street & 55 Stone Street
See Similar DealsNote / Loan
Sold 04/08/2024
Summary
NEW YORK
Asset Type:Note / Loan
Transaction Type:Sale
Two mixed-use buildings located at 53 and 55 Stone Street in Manhattan's Financial District were involved in a recent transaction where a $9 million note was acquired by Marvin Azrak of Maguire Capital Group from BEB Capital.
Summary of transaction details:
- Property Type: Note / Loan
- Transaction Amount: $9,000,000
- Buyer: Marvin Azrak - Maguire Capital Group
- Seller: BEB Capital
- Previous Owners: Alicia, Philip, and Harold Harper
Marvin Azrak, representing Maguire Capital Group, purchased the $9 million note from BEB Capital, securing the two mixed-use buildings at 53 and 55 Stone Street in Manhattan's Financial District. The properties were previously owned by Alicia, Philip, and Harold Harper, adding unique historical significance to the transaction.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$480,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,664.59
Annual Debt Service$511,975.10
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