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350 W 42nd St, New York, NY...

@HUBBNYC Acquires Retail Condo And Parking Garage In Manhattan For $25.1M
SOLDRetail

@HUBBNYC Acquires Retail Condo And Parking Garage In Manhattan For $25.1M

350 W 42nd St, New York, NY 10036, USA

Building Size

43,000 SF

Asset Type

Retail

Closing

Nov 28, 2020

AI

The property involved in this transaction is a retail condominium unit and parking garage located at 350 West 42nd Street in Manhattan. The property spans 43,000 square feet with a price of $25,100,000, resulting in a price per square foot of $584.

Summary of transaction details:

  • Property Type: Retail Condominium Unit and Parking Garage
  • Transaction Amount: $25,100,000
  • Address: 350 West 42nd Street, New York
  • Market: Manhattan

The seller of the property is NY REIT, represented by Wendy Silverstein. The buyer is @HUBBNYC, represented by Johnny McCarthy and Jesse Terry. The brokerage firm involved in the deal is @RKFRetail, with Jeff Fishman as the broker.

Players

Jeff Fishman

Newmark

Broker

$40.6M

vol

7 deals

Broker
Jonny McCarthy

Jonny McCarthy

HUBB NYC

Buyer

$64.2M

vol

4 deals

Buyer
Wendy Silverstein

Wendy Silverstein

Seller

5 deals

Seller
NR
NY ReitSeller

New York Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93