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Hart Lyman Company Acquires Great Northern Mall In Clay, NY From Kohan Retail For $9M
SOLD
$9,000,000
New York
See Similar DealsRetail
Sold 08/10/2023
SOLD
Hart Lyman Company Acquires Great Northern Mall In Clay, NY From Kohan Retail For $9M
4155 NY-31
See Similar DealsRetail
Sold 08/10/2023
Summary
NEW YORK
Asset Type:Retail
Transaction Type:Sale
Hart Lyman Company has acquired Great Northern Mall in Clay, NY, from Kohan Retail for $9 million. The property is a retail asset located at 4155 NY-31 and spans across 120 acres. The transaction took place on August 10, 2023.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $9,000,000
- Address: 4155 NY-31
- Market: Clay
- Acres: 120
The buyer, Hart Lyman Company, completed the acquisition with plans for a comprehensive mixed-use town center redevelopment. The redevelopment will include residential units, entertainment venues, dining establishments, and medical facilities. This purchase marks an exciting opportunity for the company to transform Great Northern Mall into a vibrant and diverse community hub.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$480,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,664.59
Annual Debt Service$511,975.10
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