SOLDRetail
Phillip R. Patton Acquires Retail Property At 391 Canal Street From Tomer Hillel For $4.85M
391 Canal Street
$4,850,000
$2,196/SF
Building Size
2,208 SF
Asset Type
Retail
Closing
Jun 11, 2026
AI
Phillip R. Patton has acquired a retail property located at 391 Canal Street, situated in the Soho market of Manhattan. The property encompasses 2,208 square feet and was purchased for $4,850,000, reflecting a price per square foot of $2,197.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,850,000
- Address: 391 Canal Street
- Market: Soho, Manhattan
- Square Footage: 2,208
- Price Per Square Foot: $2,197
- Buyer: Phillip R. Patton
- Seller: Tomer Hillel
- Brokers: Zachary Giugno, Brock Emmetsberger - Matthews & Stephen Dadourian - B6 Real Estate Advisors
This transaction highlights the involvement of several brokers, specifically Zachary Giugno and Brock Emmetsberger from Matthews, alongside Stephen Dadourian from B6 Real Estate Advisors, who facilitated the deal between buyer Phillip R. Patton and seller Tomer Hillel.
Players
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
3.27%
Cash-on-Cash
-0.93%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93