CB Developers Acquires 358 Bowery In Noho From Eric Goode For $59.5M
SOLD
$59,500,000
New York
See Similar DealsOther43,525 SF
Sold 11/30/2020
SOLD
CB Developers Acquires 358 Bowery In Noho From Eric Goode For $59.5M
358 Bowery, New York, NY 10012, USA
See Similar DealsOther43,525 SF
Sold 11/30/2020
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$1,367
Total Square Footage:43,525 SF
Transaction Type:Sale
CB Developers, led by Charles Blaichman, has acquired the property located at 358 Bowery in Noho for a total price of $59,500,000. The building spans a total square footage of 43,525. The transaction resulted in a price per square foot of $1,367.
Summary of transaction details
- Property Type: Not specified
- Transaction Amount: $59,500,000
- Buyer: CB Developers - Charles Blaichman
- Seller: Eric Goode
- Address: 358 Bowery
- Market: Noho
Eric Goode, the seller, originally purchased the property back in 2004 for $5.5 million.
It's worth noting that Eric Goode also acquired 8,800 square feet of air rights from adjacent properties and already owns a building next door. Additionally, there are plans for the development of an office space in the near future.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,173,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$211,390.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$282,060.36
Annual Debt Service$3,384,724.27
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