Klövern And GDSNY Acquire Retail Property In Manhattan For $30M
407 Park Avenue, Manhattan, New York, NY, USA
$30,000,000
$6,980/SF
Building Size
4,298 SF
Asset Type
Retail
Closing
Apr 29, 2021
About this deal
AI
407 Park Avenue, a retail property located in Manhattan, has been sold in a recent transaction. The property was purchased by Klövern, represented by Jens Andersson, and GDSNY, represented by Alan Rudikoff and Michael Kirchmann. The seller of the property was Land Finance Corporation.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $30,000,000
- Address: 407 Park Avenue
- Market: Manhattan
- Buyer: Klövern - Jens Andersson, GDSNY - Alan Rudikoff & Michael Kirchmann
- Seller: Land Finance Corporation
- BSF: 33,750
- PPBSF: $888
- SF: 4,298
- PPSF: $6,979
The deal involved several key individuals and companies. Klövern, represented by Jens Andersson, and GDSNY, represented by Alan Rudikoff and Michael Kirchmann, acted as the buyers in the transaction. The seller, Land Finance Corporation, successfully closed the sale of the retail property located at 407 Park Avenue in Manhattan.
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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93