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Elliot Chehebar Of The Jackson Group Acquires Retail Condominiums In Soho For $6.525M

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SOLD
$6,525,000

New York

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Retail14,244 SF
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SOLD

Elliot Chehebar Of The Jackson Group Acquires Retail Condominiums In Soho For $6.525M

597 Broadway

See Similar Deals
Retail14,244 SF
Sold
Contact now

Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$458
Total Square Footage:14244 SF
Transaction Type:Sale

The transaction involved two retail condominiums located at 597 Broadway, known as Vintage Twin, and 170 Mercer Street, which was formerly the Dop Dop Salon. The total sale price for the properties was $6,525,000, with a total square footage of 7,122, equating to $916 per square foot. The properties are situated in the Soho market of Manhattan.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $6,525,000
  • Square Footage: 7,122
  • Price per Square Foot: $916
  • Buyer: Elliot Chehebar - The Jackson Group
  • Seller: Rod Feldman - Tri-Star Equities
  • Broker: Matthew Marshall - Marshall Real Estate

Matthew Marshall represented the broker side in this transaction, facilitating the deal between the buyer, Elliot Chehebar from The Jackson Group, and the seller, Rod Feldman of Tri-Star Equities. The involvement of these parties highlights the dynamics of retail property transaction within a prime market area.

Players

Matthew Marshall
24 deals$138.9M volume
BROKER

Details

SOLD
IMAGE: Matthew Marshall & Elliot Chehebar DATE: 08/26/2024 ADDRESS: 597 Broadway & 170 Mercer Street MARKET: Soho, Manhattan ASSET TYPE: Retail BUYER: Elliot Chehebar - The Jackson Group SELLER: Rod Feldman - Tri-Star Equities BROKER: Matthew Marshall (@MRENYC) - Marshall Real Estate SALE PRICE: $6,525,000 SF: 7,122 ~ PPSF: $916 NOTE FROM BROKER: The transaction consisted of two retail condominiums, one at 597 Broadway (Vintage Twin) and the other at 170 Mercer Street (formerly the Dop Dop Salon).

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$348,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$23,181.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,931.83
Annual Debt Service$371,181.95