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62 Mulberry St, New York, N...

Sam Chang's McSam Hotel Group Acquires Chinatown Property For $18.75M
SOLDOther

Sam Chang's McSam Hotel Group Acquires Chinatown Property For $18.75M

62 Mulberry St, New York, NY 10013, USA

$18,750,000

$538/SF

Building Size

34,800 SF

Asset Type

Other

Closing

Jul 23, 2019

AI

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.

Players

Lee Odell

Broker

$38.2M

vol

3 deals

Broker
Sam Chang

Sam Chang

McSam Hotel Group

Buyer

$1.5B

vol

25 deals

Buyer

New York Other Market Snapshot

Boundary boundary · Other · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.85%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93