Regal Ventures Acquires Retail Property In Midtown West For $35.3M
SOLD
$35,250,000
+ 4
New York
See Similar DealsRetail37,165 SF
Sold 09/23/2022
SOLD
Regal Ventures Acquires Retail Property In Midtown West For $35.3M
897 8th Avenue
See Similar DealsRetail37,165 SF
Sold 09/23/2022
+ 4
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$948
Total Square Footage:37,165 SF
Transaction Type:Sale
Located in Midtown West, the retail property at 897 8th Ave. has been sold for a price of $35,250,000. The property spans across 37,165 square feet, resulting in a price per square foot of $948. The transaction took place on 09/23/2022.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $35,250,000
- Address: 897 8th Ave.
- Market: Midtown West
The buyer of the property is Regal Ventures, while PGIM and Madison Capital served as the sellers. The deal was facilitated by Andrew Berry, Josh King, and Charlie Gravina from Cushman & Wakefield.
Players
BROKERAGE
SELLER
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,879,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$125,235.81
Cash-on-Cash Return-1.27%
Monthly Debt Service$167,102.98
Annual Debt Service$2,005,235.80
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