Antony Contomichalos Acquires 667 Lexington Avenue Retail For $5.95M
SOLD
$5,950,000
New York
See Similar DealsRetail5,036 SF
Sold 02/28/2024
SOLD
Antony Contomichalos Acquires 667 Lexington Avenue Retail For $5.95M
667 Lexington Avenue
See Similar DealsRetail5,036 SF
Sold 02/28/2024
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,181
Total Square Footage:5,036 SF
Transaction Type:Sale
The transaction involves retail assets located at 667 Lexington Avenue in Midtown Manhattan. The sale price was set at $5,950,000, covering a total square footage of 5,036, resulting in a price per square foot of $1,181.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $5,950,000
- Buyer: Antony Contomichalos
- Seller: Irving Schneider
- Brokers: Will Conrad & Sanjana Reddy - Cushman & Wakefield
- Cap Rate: In-place cap rate of 5.11% and a Year 1 cap rate of 7.11%
The brokers representing the deal are Will Conrad and Sanjana Reddy from Cushman & Wakefield. This transaction reflects significant participation from both the buyer and seller, showcasing their engagement in the Midtown Manhattan market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$317,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,139.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,206.04
Annual Debt Service$338,472.43
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