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LNR Partners Acquires Retail Property On Broadway For $25.4M

Property Image
SOLD
$25,385,187

New York

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Retail6,664 SF
Sold 10/14/2022
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Property Image
SOLD

LNR Partners Acquires Retail Property On Broadway For $25.4M

470 Broadway, New York City, New York 10013, United States

See Similar Deals
Retail6,664 SF
Sold 10/14/2022
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$3,809
Total Square Footage:6,664 SF
Transaction Type:Sale

The retail property located at 470 Broadway in SoHo, Manhattan has been sold in a transaction that took place on October 14, 2022. The property, owned by Thor Equities and Joe Sitt, was purchased by LNR Partners for a total sale price of $25,385,187. The asset type is retail and it has a building square footage of 16,750 with a price per building square footage of $1,515. The total square footage of the property is 6,664 and the price per square footage is $3,809.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $25,385,187
  • Address: 470 Broadway, SoHo, Manhattan
  • Market: SoHo, Manhattan
  • Seller: Thor Equities - Joe Sitt
  • Buyer: LNR Partners
  • Building Square Footage: 16,750
  • Price per Building Square Footage: $1,515
  • Total Square Footage: 6,664
  • Price per Square Footage: $3,809

The deal involved two key individuals, Joe Sitt representing Thor Equities as the seller and the buyer, LNR Partners. The transaction marks the successful sale of the retail property in SoHo, Manhattan.

Players

LP
LNR Partners
BUYER
Joseph Sitt
Thor Equities
Joseph Sitt
37 deals$1.1B volume
SELLER

Details

SOLD
IMAGE: Joe Sitt DATE: 10/14/2022 ADDRESS: 470 Broadway MARKET: SoHo, Manhattan ASSET TYPE: Retail BUYER: LNR Partners SELLER: Thor Equities (@ThorEquities) - Joe Sitt SALE PRICE: $25,385,187 BSF: 16,750 ~ PPBSF: $1,515 SF: 6,664 ~ PPSF: $3,809

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,353,876.64

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$90,188.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$120,338.74
Annual Debt Service$1,444,064.85