Hart Lyman Company Acquires Great Northern Mall In Clay, NY From Kohan Retail For $9M
4155 NY-31
$9,000,000
Building Size
—
Asset Type
Retail
Closing
Aug 10, 2023
About this deal
AI
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.
On the Map
$9,000,000
Retail
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Players
Clay 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
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93