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Malka Realty Sells Bowery Office Building For $18.75M

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SOLD
$18,750,000

New York

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Office23,600 SF
Sold 10/13/2021
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SOLD

Malka Realty Sells Bowery Office Building For $18.75M

167 Bowery, Manhattan, New York, NY, USA

See Similar Deals
Office23,600 SF
Sold 10/13/2021
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$794
Total Square Footage:23,600 SF
Transaction Type:Sale

The sale of an office asset at 167 Bowery in Bowery has been completed. The property, spanning 23,600 square feet, was sold by Malka Realty Corporation, represented by William Cherkin. The transaction was facilitated by brokers Glenn Tolchin and Yoav Oelsner of Upland Property Advisors. The sale price for the property was $18,750,000, resulting in a price per square foot of $794.

Summary of transaction details

The sale was successfully concluded with the assistance of Glenn Tolchin and Yoav Oelsner from Upland Property Advisors, who represented the buyer and seller respectively. With their expertise in the Bowery market, they ensured a smooth transaction for all parties involved.

Players

Glenn Tolchin
13 deals$715.4M volume
BROKER

Yoav Oelsner
Upland Property Advisors
11 deals$606.9M volume
BROKER

Details

SOLD
IMAGE: Yoav Oelsner & Glenn Tolchin DATE: 10/13/2021 ADDRESS: 167 Bowery MARKET: Bowery ASSET TYPE: Office SELLER: Malka Realty Corporation - William Cherkin BROKERS: Glenn Tolchin (@GlennTolchin) & Yoav Oelsner (@YoavOel) - Upland Property Advisors SALE PRICE: $18,750,000 SF: 23,600 ~ PPSF: $794

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

$1,000,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$66,614.78
Cash-on-Cash Return-1.27%
Monthly Debt Service$88,884.57
Annual Debt Service$1,066,614.79