Antony Contomichalos Acquires 667 Lexington Avenue Retail For $5.95M

The retail property located at 667 Lexington Avenue in Stuyvesant Heights was sold for $5,950,000. Spanning 5,036 square feet, the property was traded at a price per square foot of $1,181. The transaction took place between Antony Contomichalos, the buyer, and Irving Schneider, the seller. The deal was facilitated by brokers Will Conrad and Sanjana Reddy from Cushman & Wakefield.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $5,950,000
• Address: 667 Lexington Avenue
• Market: Stuyvesant Heights
• Square Footage: 5,036
• Buyer: Antony Contomichalos
• Seller: Irving Schneider
• Brokers: Will Conrad & Sanjana Reddy - Cushman & Wakefield

The sale price of $5,950,000 represents an in-place cap rate of 5.11% and a Year 1 cap rate of 7.11%. These financial metrics demonstrate the attractiveness and potential profitability of the investment in the retail property on Lexington Avenue.