Ian Cheng Acquires Retail Property In Boerum Hill For $5M
SOLD
$5,000,000
+ 2
New York
See Similar DealsRetail15,165 SF
Sold 11/03/2023
SOLD
Ian Cheng Acquires Retail Property In Boerum Hill For $5M
312 Atlantic Avenue
See Similar DealsRetail15,165 SF
Sold 11/03/2023
+ 2
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$329
Total Square Footage:15,165 SF
Transaction Type:Sale
A retail property located at 312 Atlantic Avenue in Boerum Hill has been sold for $5,000,000. The property spans over 15,165 square feet, resulting in a price per square foot of $330.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $5,000,000
- Address: 312 Atlantic Avenue
- Market: Boerum Hill
- Square Footage: 15,165
- Price per Square Foot: $330
The buyer of the property is Ian Cheng. Representing the buyer in this transaction were Haley Hasho, Joey Mohsen, and Justin Conway from Exodus Capital. On the seller's side, Daniel O'Brien and Caroline Hodes from Newmark represented the property.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61
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