Loo Family Acquires Retail Condo On Upper East Side For $15.3M
SOLD
$15,300,000
New York
See Similar DealsRetail11,400 SF
Sold 10/17/2019
SOLD
Loo Family Acquires Retail Condo On Upper East Side For $15.3M
389 E 89th St, New York, NY 10128, USA
See Similar DealsRetail11,400 SF
Sold 10/17/2019
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,342
Total Square Footage:11,400 SF
Transaction Type:Sale
An $15,300,000 retail condo transaction has taken place in the Upper East Side market. The property, located at 389 East 89th Street, spans 11,400 square feet, with 7,200 square feet on the ground level and an additional 4,200 square feet on the lower level.
Summary of transaction details
- Property Type: Retail Condo
- Transaction Amount: $15,300,000
- Address: 389 East 89th Street
- Market: Upper East Side
The seller of the retail condo was Magnum Real Estate Group, represented by Ben Shaoul. The buyer of the property was the Loo Family. The tenant occupying the space is CTown BITCOIN. The transaction was facilitated by Bitpay, with Rory Desmond serving as the processor. Eric Hedvat from JetNewYork acted as the broker in this deal. The title agency involved in the transaction was Absolute.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$816,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$54,357.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$72,529.81
Annual Debt Service$870,357.67
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