Ken Lee Acquires Nomad Retail Property On W. 31st St. For $9M
54-56 W 31st St, New York, NY, USA
$9,000,000
$1,359/SF
Building Size
6,620 SF
Asset Type
Retail
Closing
Jan 5, 2021
About this deal
AI
The retail property located at 54-56 W. 31st St. in the Nomad market has been sold for $9,000,000. The property spans 6,620 square feet with a price per square foot of $1,360. The building's total square footage is 25,200 with a price per total square foot of $357. The lot size measures 40ft x 63ft.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $9,000,000
- Address: 54-56 W. 31st St.
- Market: Nomad
- Square Footage: 6,620
- Price per Square Foot: $1,360
- Total Square Footage: 25,200
- Price per Total Square Foot: $357
- Lot Size: 40ft x 63ft
The buyer of the property is Ken Lee. The sellers are Connie O'Reilly, John Joyce, and Anne Curran. The deal was facilitated by Alan Stenson from Brax Realty NYC.
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
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93