427 Seventh Avenue LLC Acquires Retail & Billboard Property In Penn Plaza For $30M
427 7th Ave, Brooklyn, NY 11215, USA
$30,000,000
$686/SF
Building Size
43,730 SF
Asset Type
Retail
Closing
Dec 9, 2019
About this deal
AI
427 7th Avenue, located in Penn Plaza, was recently sold in a closed transaction. The retail and billboard property was purchased for $30,000,000. The total square footage of the property is 4,373, with a price per square foot of $6,860. The building square footage is 11,795, with a price per building square foot of $2,543.
Summary of transaction details
- Property Type: Retail & Billboard
- Transaction Amount: $30,000,000
- Address: 427 7th Avenue
- Market: Penn Plaza
The buyer of the property is 427 Seventh Avenue LLC, while the seller is Karl Sudakoff represented by DK Chin.
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