Antony Contomichalos Acquires 667 Lexington Avenue Retail For $5.95M
667 Lexington Avenue
$5,950,000
$1,181/SF
Building Size
5,036 SF
Asset Type
Retail
Closing
Feb 28, 2024
AI
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.
Players
Brooklyn 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
2.67%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93