LNR Partners Acquires Retail Property On Broadway For $25.4M
470 Broadway, New York City, New York 10013, United States
$25,385,187
$3,809/SF
Building Size
6,664 SF
Asset Type
Retail
Closing
Oct 13, 2022
About this deal
AI
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
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
0.62%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93