Bay Ridge Automotive Management Acquires Retail Property In Hell's Kitchen For $26M
SOLD
$26,000,000
New York
See Similar DealsRetail119,279 SF
Sold 04/19/2022
SOLD
Bay Ridge Automotive Management Acquires Retail Property In Hell's Kitchen For $26M
547 West 47th Street, New York City, New York 10036, United States
See Similar DealsRetail119,279 SF
Sold 04/19/2022
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$218
Total Square Footage:119,279 SF
Transaction Type:Sale
The sale of a retail property in Hell’s Kitchen has been finalized at 547 West 47th Street. The property, with a total area of 119,279 square feet, was sold for $26,000,000, resulting in a price per square foot of $217. The transaction occurred on April 19, 2022, with Bay Ridge Automotive Management purchasing the property from CBSK Ironstate.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $26,000,000
- Square Footage: 119,279
- Address: 547 West 47th Street
- Market: Hell’s Kitchen
Bay Ridge Automotive Management emerged as the buyer in this transaction, while CBSK Ironstate acted as the seller. Scott Shnay captured an image of the property.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,386,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$92,372.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$123,253.26
Annual Debt Service$1,479,039.17
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