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Candor Capital Acquires Office Asset From 372 Jericho Corp For $23.8M In Riverhead

Property Image
SOLD
$22,850,000
Andreas Efthymiou
Stephen R. Preuss Sr.
+ 2

New York

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Office205,034 SF
Sold 03/28/2025
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Property Image
SOLD

Candor Capital Acquires Office Asset From 372 Jericho Corp For $23.8M In Riverhead

877 East Main Street & 60 Millbrook Lane

See Similar Deals
Office205,034 SF
Sold 03/28/2025
Andreas Efthymiou
Stephen R. Preuss Sr.
+ 2
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$111
Total Square Footage:205,034 SF
Transaction Type:Sale

The property involved in the sale is located at 877 East Main Street & 60 Millbrook Lane in Riverhead. It comprises an office asset with a total square footage of 102,517, sold for a price of $23,800,000, resulting in a price per square foot of $232.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $23,800,000
  • Address: 877 East Main Street & 60 Millbrook Lane
  • Market: Riverhead
  • Square Footage: 102,517
  • Price per Square Foot: $232
  • Seller: 372 Jericho Corp.
  • Buyer: Candor Capital - Ben Meshel
  • Seller's Representatives: Stephen R. Preuss Sr., Andreas Efthymiou, Christian Allimonos & Charles Schirrmeister - Ripco

This transaction involved notable individuals and companies, including the buyer Candor Capital, represented by Ben Meshel, and the seller's representatives from Ripco, who are Stephen R. Preuss Sr., Andreas Efthymiou, Christian Allimonos, and Charles Schirrmeister, facilitating the sale for 372 Jericho Corp.

Players

Andreas Efthymiou
128 deals$1.1B volume
BROKER

Stephen R. Preuss Sr.
Ripco
258 deals$2B volume(718) 663-2639
BROKER

Christian Allimonos
Ripco
19 deals$143M volume
BROKER

Charles Schirrmeister
Ripco
7 deals$49.8M volume(718) 663-2654
BROKER

Ben Meshel
Candor Capital
15 deals$185.2M volume
BUYER

Details

SOLD
IMAGE: Stephen R. Preuss Sr., Andreas Efthymiou, Christian Allimonos & Charles Schirrmeister DATE: 03/28/2025 ADDRESS: 877 East Main Street & 60 Millbrook Lane MARKET: Riverhead ASSET TYPE: Office SELLER: 372 Jericho Corp. BUYER: Candor Capital - Ben Meshel SELLER'S REP: Stephen R. Preuss Sr (@RipcoInvestmentSales), Andreas Efthymiou (@Andreas.E_Investment_Sales), Christian Allimonos (@Christian.Allimonos_CRE) & Charles Schirrmeister - Ripco (@RipcoRealEstate) SALE PRICE: $23,800,000 SF: 102,517 ~ PPSF: $232

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

$1,218,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$81,181.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$108,320.66
Annual Debt Service$1,299,847.89