Peter Ting Acquires Retail Property In Central Midtown, Manhattan For $3.4M
SOLD
$3,400,000
New York
See Similar DealsRetail2,996 SF
Sold 01/18/2022
SOLD
Peter Ting Acquires Retail Property In Central Midtown, Manhattan For $3.4M
243 East 53rd Street, New York City, New York 10022, United States
See Similar DealsRetail2,996 SF
Sold 01/18/2022
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,134
Total Square Footage:2,996 SF
Transaction Type:Sale
A retail property located at 243 East 53 Street in Central Midtown, Manhattan has been sold for $3,400,000. The property has a building square footage (BSF) of 6,696, with a price per BSF (PPBSF) of $507. The total square footage (SF) is 2,996, with a price per square foot (PPSF) of $1,134. The property has a floor area ratio (FAR) of 1.79 and falls under tax class 4. The lot size is 1,674, and the lot dimensions are 16.67 ft x 100.42 ft. The property was last sold on 8/19/2021 for $2,550,000, and an alteration permit was obtained on 06/29/2021.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $3,400,000
- Market: Central Midtown, Manhattan
- Zoning: R8B, TA
Peter Ting purchased the property from Chatchai Huadwattans.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$181,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,079.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,117.73
Annual Debt Service$193,412.82
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