Tony Malkin And Tom Durels Of Empire State Realty Trust Acquire Retail Property In Brooklyn For $31M
SOLD
$31,000,000
+ 1
New York
See Similar DealsRetail22,916 SF
Sold 06/30/2025
SOLD
Tony Malkin And Tom Durels Of Empire State Realty Trust Acquire Retail Property In Brooklyn For $31M
86 North 6th Street
See Similar DealsRetail22,916 SF
Sold 06/30/2025
+ 1
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,352
Total Square Footage:22,916 SF
Transaction Type:Sale
The asset involved in the transaction is a retail property located at 86-90 North 6th Street in Brooklyn. The property was sold for $31,000,000, encompassing a total square footage of 22,916, resulting in a price per square foot of $1,352.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $31,000,000
- Address: 86-90 North 6th Street
- Market: Brooklyn
- Square Footage: 22,916
- Price per Square Foot: $1,352
- Buyer: Tony Malkin & Tom Durels - Empire State Realty Trust
- Seller: The Lerman Family
- Brokers: Ethan Stanton, Brendan Maddigan & Michael Mazzara - JLL
Key individuals in this deal include Tony Malkin and Tom Durels, who represent Empire State Realty Trust as the buyers, while the Lerman Family acted as the sellers. The transaction was facilitated by brokers Ethan Stanton, Brendan Maddigan, and Michael Mazzara from JLL.
Players
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,653,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$110,136.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,955.82
Annual Debt Service$1,763,469.79
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