CB Developers Acquires 358 Bowery In Noho From Eric Goode For $59.5M
358 Bowery, New York, NY 10012, USA
$59,500,000
$1,367/SF
Building Size
43,525 SF
Asset Type
Other
Closing
Nov 29, 2020
About this deal
AI
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
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93