Reuben Brothers Acquire Retail Property In Upper East Side For $50M
677-679 Madison Ave, Upper East Side, New York, NY, USA
$50,000,000
Building Size
—
Asset Type
Retail
Closing
Oct 7, 2021
About this deal
AI
Reuben Brothers have acquired a retail property in the Upper East Side of Manhattan, located at 677-679 Madison Ave. & 40 East 66th St. The property was sold by Vornado Realty Trust in October 2021.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $50,000,000
The purchase was made by Reuben Brothers, a renowned real estate investment firm. The property is situated in the highly sought-after market of Upper East Side. The deal involved prominent individuals such as Simon Reuben, David Reuben, Jamie Reuben, Steve Roth, and Haim Chera.
Players
New York 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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93