Sheikh Thani Bin Abdullah Al Thani Acquires Retail Property On Fifth Ave. For $40M
SOLD
$40,000,000
New York
See Similar DealsRetail17,600 SF
Sold 12/16/2020
SOLD
Sheikh Thani Bin Abdullah Al Thani Acquires Retail Property On Fifth Ave. For $40M
164 Fifth Ave, Manhattan, New York, NY, USA
See Similar DealsRetail17,600 SF
Sold 12/16/2020
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$2,272
Total Square Footage:17,600 SF
Transaction Type:Sale
Joseph Sitt, Sheikh Thani bin Abdullah Al Thani, and Jack Sitt have closed a retail property transaction in the Flatiron market. The property, located at 164 Fifth Ave., was sold for $40,000,000. It measures approximately 17,600 square feet, resulting in a price per square foot of $2,272. The previous sale of the property took place in July 2014 for $23,000,000.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $40,000,000
- Address: 164 Fifth Ave.
- Market: Flatiron
- Square Footage: 17,600
- Price per Square Foot: $2,272
The seller of the property was Thor Equities, while the buyer was Sheikh Thani bin Abdullah Al Thani, representing Ezdan Holdings. The property is currently occupied by Alo Yoga, which signed a 15-year lease in 2017, with an asking rent of $400 per square foot.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
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