Fation Syla Acquires Retail Building In Hell's Kitchen For $7.3M
589 11th Avenue
$7,300,000
$486/SF
Building Size
14,993 SF
Asset Type
Retail
Closing
Nov 2, 2023
About this deal
AI
Fation Syla, representing 589 Building Management LLC, completed the $7.3 million acquisition of a retail building located at 589 11th Avenue in Hell’s Kitchen, Manhattan. The property, with an area of 14,993 square feet, was sold by Charles Casquarelli's entity, 589 11th Mgt. Corp. The sale price per square foot for this transaction was $487.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,300,000
- Address: 589 11th Avenue, Hell’s Kitchen, Manhattan
- Market: Hell’s Kitchen, Manhattan
The buyer, Fation Syla, represented 589 Building Management LLC in this transaction. The seller was Charles Casquarelli's entity, 589 11th Mgt. Corp.
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
2.17%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93