427 Seventh Avenue LLC Acquires Retail & Billboard Property In Penn Plaza For $30M
SOLD
$30,000,000
New York
See Similar DealsRetail43,730 SF
Sold 12/10/2019
SOLD
427 Seventh Avenue LLC Acquires Retail & Billboard Property In Penn Plaza For $30M
427 7th Ave, Brooklyn, NY 11215, USA
See Similar DealsRetail43,730 SF
Sold 12/10/2019
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$686
Total Square Footage:43,730 SF
Transaction Type:Sale
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.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,600,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66
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