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148 Spring St, New York, NY...

Reuben Brothers Acquires Three Manhattan Retail Buildings In SoHo And NoHo For $50M
SOLDRetail

Reuben Brothers Acquires Three Manhattan Retail Buildings In SoHo And NoHo For $50M

148 Spring St, New York, NY 10012, United States

$50,000,000

Building Size

Asset Type

Retail

Closing

Jul 28, 2023

AI

The Reuben Brothers, Simon and David Reuben, have purchased three Manhattan retail buildings in a recent transaction. The properties, located in the SoHo and NoHo neighborhoods, were sold by Vornado Realty Trust for a total of $50 million. The buildings include 148-150 Spring St., 443 Broadway, and 692 Broadway.

Summary of transation details

  • Property Type: Retail
  • Transaction Amount: $50,000,000
  • Buyer: Reuben Brothers - Simon & David Reuben
  • Seller: Vornado Realty Trust - Steven Roth
  • Address: 148–150 Spring Street, 443 Broadway & 692 Broadway
  • Market: SoHo, Manhattan

The Reuben Brothers have acquired these retail buildings, further expanding their portfolio in Manhattan. Vornado Realty Trust, represented by Steven Roth, acted as the seller in this deal. The acquisition of these properties solidifies the Reuben Brothers' presence in the vibrant SoHo and NoHo neighborhoods.

Players

David Reuben

Reuben Brothers

Buyer

$182M

vol

3 deals

Buyer

Steven Roth

Vornado Realty Trust

Seller

$4.4B

vol

45 deals

Seller

New York Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.32%

Cash-on-Cash

-0.09%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93