China Overseas L&I Acquires Apartment & Retail Property In Manhattan For $75M
501 3rd Ave, New York, NY 10016, USA
Building Size
135,000 SF
Asset Type
Retail
Closing
Nov 4, 2017
About this deal
AI
On 5th November, 2017, a closed property transaction took place in Manhattan, New York. The property in question is located at 499 and 501 3rd Avenue and consists of both apartment and retail units. The transaction was valued at $75,000,000. The property has a total square footage of 135,000 with a price per square foot of $550.
Summary of transaction details
- Property Type: Apartment & Retail
- Transaction Amount: $75,000,000
- Address: 499 and 501 3rd Avenue, New York
- Market: Manhattan
- Total Square Footage: 135,000
- Price Per Square Foot: $550
The seller of the property was Extell, represented by Gary Barnett. The buyer, on the other hand, was China Overseas L&I.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93