REEC Acquires Greater Emanuel Baptist Church In Manhattan For $1.61M
325 E 118th St, New York, NY 10035, USA
Building Size
300,000 SF
Asset Type
Other
Closing
Mar 8, 2018
About this deal
AI
The Greater Emanuel Baptist Church property located at 325 East 118th Street in Manhattan, New York, has been involved in a ground lease transaction. The asset, which spans 30,000 square feet, has been leased by REEC – Brandon Miller for a price of $1,610,000. Phil Chasin and Isaac Glasman are the lessors in this deal.
Summary of transaction details
- Property Type: Church/Residential Development
- Transaction Amount: $1,610,000
- Square Footage: 30,000 sf
- Ground Lease: Yes
- Lessor: Phil Chasin and Isaac Glasman
- Lessee: REEC – Brandon Miller
The brokerage firm Epic Commercial Realty, represented by Shay Zach, facilitated this ground lease transaction for the Greater Emanuel Baptist Church property.
Players
New York Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93