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4132 Broadway New York, NY ...

Xiang Gao Acquires Retail Property In Washington Heights For $8.88M
SOLDRetail

Xiang Gao Acquires Retail Property In Washington Heights For $8.88M

4132 Broadway New York, NY 10033, USA

$8,880,000

$1,627/SF

Building Size

5,458 SF

Asset Type

Retail

Closing

Jun 29, 2023

AI

A 5,458 square foot single-story retail property located at 4132-4138 Broadway in Washington Heights has been sold for a total of $8,880,000. The property, situated on the corner of Broadway and 175th Street, was 100% leased by Food Emporium supermarket on a long-term net lease through 2034, with annual increases. This retail asset in Washington Heights is characterized by its prime location and the strong lease terms provided by the tenant.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $8,880,000
  • Square Footage: 5,458
  • Price Per Square Foot: $1,627
  • Address: 4132-4138 Broadway, Washington Heights
  • Market: Washington Heights

The buyer of the property is Xiang Gao, while the seller is 101 Holdings, represented by Michael Ashkenazy. The transaction was facilitated by brokers Scott Plasky and Joe Koicim from Marcus & Millichap, as well as Jack Chen from B Square Realty. These professionals played a crucial role in connecting the buyer and the seller, ensuring a successful and mutually beneficial deal for both parties involved.

Players

Joseph (Joe) Koicim
Verified Badge

Joseph Koicim

Marcus & Millichap

Broker

$2.7B

vol

174 deals

Broker
Michael Ashkenazy

Michael Ashkenazy

101 Holdings

Seller

$11.7M

vol

4 deals

Seller

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

1.79%

Cash-on-Cash

-0.51%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93