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
About this deal
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.
On the Map
$6,150,000
$246/SF
Retail
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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