David Shorenstein Acquires Retail Property In Westhampton Beach From Joe Macari For $6.2M
SOLD
$6,150,000
+ 1
New York
See Similar DealsRetail25,000 SF
Sold 12/23/2024
SOLD
David Shorenstein Acquires Retail Property In Westhampton Beach From Joe Macari For $6.2M
84 Old Riverhead Road
See Similar DealsRetail25,000 SF
Sold 12/23/2024
+ 1
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$246
Total Square Footage:25,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$328,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,849.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,154.14
Annual Debt Service$349,849.65
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