David Shorenstein Acquires Retail Property In Westhampton Beach From Joe Macari For $6.2M
84 Old Riverhead Road
$6,150,000
$246/SF
Building Size
25,000 SF
Asset Type
Retail
Closing
Dec 23, 2024
AI
The retail property located at 84 Old Riverhead Road in Westhampton Beach has been sold for $6,200,000. The asset encompasses a total square footage of 25,482, equating to a price per square foot of $243.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,200,000
- Address: 84 Old Riverhead Road
- Market: Westhampton Beach
- Square Footage: 25,482
- Price Per Square Foot: $243
- Buyer: David Shorenstein
- Seller: Joe Macari
- Brokers: Stephen R. Preuss Sr., Andreas Efthymiou, Christian Allimonos & Charles Schirrmeister - Ripco
The transaction was facilitated by multiple brokers representing the deal. Stephen R. Preuss Sr., Andreas Efthymiou, Christian Allimonos, and Charles Schirrmeister from Ripco played a pivotal role in the negotiation and closing of this property sale.
Players
Westhampton Beach 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
2.58%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93