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Ariel Property Advisors Acquires Package Deal In Lower East Side For $24.8M

Property Image
SOLD
$24,800,000
Victor Sozio
Shimon Shkury
Michael A. Tortorici
+ 3

New York

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Package Deal79,224 SF
Sold 03/22/2023
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Property Image
SOLD

Ariel Property Advisors Acquires Package Deal In Lower East Side For $24.8M

109 Ludlow Street & 153 Norfolk Street

See Similar Deals
Package Deal79,224 SF
Sold 03/22/2023
Victor Sozio
Shimon Shkury
Michael A. Tortorici
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Package Deal
Price Per Square Foot:$313
Total Square Footage:79,224 SF
Transaction Type:Sale

A package deal consisting of two properties located at 109 Ludlow Street and 153 Norfolk Street in the Lower East Side has been sold for a total price of $24,800,000. The combined square footage of the properties is 39,612, resulting in a price per square foot of $626. The transaction took place on 03/22/2023.

Summary of transaction details:

  • Property Type: Package Deal
  • Transaction Amount: $24,800,000
  • Square Footage: 39,612
  • Price Per Square Foot: $626
  • Address: 109 Ludlow Street & 153 Norfolk Street
  • Market: Lower East Side

The buyer's representatives in this deal were Michael Tortorici, Shimon Shkury, Victor Sozio, and Howard Raber from Ariel Property Advisors. On the other hand, Michael Decheser and Bryan Hurley represented the seller as part of Cushman & Wakefield.

Players

Michael A. Tortorici
Ariel Property Advisors
Michael A. Tortorici
48 deals$908.9M volume
BROKER
Howard Raber
Ariel Property Advisors
Howard Raber
17 deals$180.6M volume
BROKER
Shimon Shkury
Ariel Property Advisors
Shimon Shkury
55 deals$1.7B volume
BROKER
Victor Sozio
Ariel Property Advisors
Victor Sozio
111 deals$2.3B volume
BROKER
Bryan Hurley
Cushman & Wakefield
Bryan Hurley
42 deals$428.3M volume(212) 660-7706
BROKER
Michael Decheser
Cushman & Wakefield
Michael Decheser
41 deals$363.4M volume(917) 974-9207
BROKER

Details

SOLD
IMAGE: Michael Decheser, Bryan Hurley, Michael Tortorici, Shimon Shkury, Victor Sozio & Howard Raber DATE: 03/22/2023 ADDRESS: 109 Ludlow Street & 153 Norfolk Street MARKET: Lower East Side ASSET TYPE: Package Deal BUYER'S REP: Michael Tortorici, Shimon Shkury (@SShkury), Victor Sozio & Howard Raber - Ariel Property Advisors (@ArielPA.NYC) SELLER'S REP: Michael Decheser (@MichaelfDecheser), Bryan Hurley (@BfHurley3) - Cushman & Wakefield (@CushWake) SALE PRICE: $24,800,000 SF: 39,612 ~ PPSF: $626

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,322,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$88,109.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$117,564.65
Annual Debt Service$1,410,775.83