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
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