Frank Chan Acquires Retail Properties At 224 Canal Street For $33 Million With Broker Jonathan Maimran & Lance Steinberg
SOLD
$33,000,000
New York
See Similar DealsRetail52,764 SF
Sold
SOLD
Frank Chan Acquires Retail Properties At 224 Canal Street For $33 Million With Broker Jonathan Maimran & Lance Steinberg
224 Canal Street
See Similar DealsRetail52,764 SF
Sold
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$625
Total Square Footage:52764 SF
Transaction Type:Sale
The transaction involved three retail properties located at 224 Canal Street, 232 Canal Street, and 234 Canal Street in the Chinatown market. The properties were sold for a total of $33,000,000, encompassing a total square footage of 52,764, which reflects a price per square foot of $625.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $33,000,000
- Square Footage: 52,764
- Price per Square Foot: $625
- Buyer: Frank Chan
- Seller: George Terranova
- Broker: Jonathan Maimran & Lance Steinberg - Raber Enterprises LLC
Frank Chan represented the buyer in this transaction, while George Terranova was the seller. The brokerage team of Jonathan Maimran and Lance Steinberg from Raber Enterprises LLC facilitated the deal, bringing together the buyer and seller for this retail property transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,759,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$117,242.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$156,436.84
Annual Debt Service$1,877,242.03
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