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Chris Xu Acquires Sunset Park Retail Property For $21.4M From Frank Wong
SOLD
$21,400,000
New York
See Similar DealsRetail
Sold 05/29/2024
SOLD
Chris Xu Acquires Sunset Park Retail Property For $21.4M From Frank Wong
6201 6th Avenue
See Similar DealsRetail
Sold 05/29/2024
Summary
NEW YORK
Asset Type:Retail
Transaction Type:Sale
The property at 6201 6th Avenue in Sunset Park, Brooklyn, has been sold for $21.4 million. Developer Chris Xu and partner Ki Tai Yeung acquired full ownership of the retail asset from Frank Wong's Wong Bros. Realty.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $21,400,000
- Buyer: Chris Xu
- Seller: Frank Wong
- Address: 6201 6th Avenue
- Market: Sunset Park, Brooklyn
Chris Xu, along with his partner Ki Tai Yeung, completed the acquisition of the Sunset Park banquet hall. Frank Wong, representing Wong Bros. Realty, facilitated the sale of the property located at 6201 Sixth Ave.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,141,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$76,029.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$101,446.92
Annual Debt Service$1,217,363.01
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