Sam Chang's McSam Hotel Group Acquires Chinatown Property For $18.75M
SOLD
$18,750,000
+ 3
New York
See Similar DealsOther34,800 SF
Sold 07/24/2019
SOLD
Sam Chang's McSam Hotel Group Acquires Chinatown Property For $18.75M
62 Mulberry St, New York, NY 10013, USA
See Similar DealsOther34,800 SF
Sold 07/24/2019
+ 3
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$538
Total Square Footage:34,800 SF
Transaction Type:Sale
Located in Chinatown, the property at 62 Mulberry Street was recently sold for a hefty price of $18,750,000. Spanning across 34,800 square feet, this property was sold at an impressive price per square foot of $538.
Summary of transation details
- Property Type: Sale
- Transaction Amount: $18,750,000
- Square Footage: 34,800
- Price Per Square Foot: $538
- Address: 62 Mulberry Street, Chinatown
- Market: Chinatown
The sellers of this property were Rosita Fu and Man Ki Wong, while the buyer was Sam Chang, representing the McSam Hotel Group. The transaction was facilitated by the seller's representatives, Scott Heller, Steve Weber, and Lou Moskowitz from The Heller Organization. On the buyer's side, Joe Genovese and Lee Odell served as the representatives.
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Deal Type
30 years
10 years
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
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