New York City REIT Acquires Retail Condo In Lower East Side For $88.75M
196 Orchard St, New York, NY 10002, USA
$88,750,000
$1,479/SF
Building Size
60,000 SF
Asset Type
Retail
Closing
Jul 16, 2019
About this deal
AI
New York City REIT has acquired a retail condo in the Lower East Side for a price of $88,750,000. The property, located at 196 Orchard, spans across 60,000 square feet with a price per square foot of $1,475. The transaction took place on July 17, 2019.
Summary of transaction details
- Property Type: Retail Condo
- Transaction Amount: $88,750,000
- Address: 196 Orchard
- Market: Lower East Side
- Square Footage: 60,000
- Price per Square Foot: $1,475
The seller of this property was Magnum Real Estate Group & Real Estate Equities Corp., represented by HodgesWardElliott's Paul Gillen, Daniel Parker, and Kyle van Buitenen. The deal was facilitated by their expertise in the Lower East Side market.
On the Map
$88,750,000
$1,479/SF
Retail
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Players
New York Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Deal FAQ
About $1.5K per square foot on a published $88.8M for 60,000 square feet (2019).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93