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Isaac Massry And Isaac Chera Acquire Retail Space From Macy's For $16M In Staten Island
SOLD
$16,000,000
New York
See Similar DealsRetail
Sold 07/17/2025
SOLD
Isaac Massry And Isaac Chera Acquire Retail Space From Macy's For $16M In Staten Island
98 Richmond Hill Road
See Similar DealsRetail
Sold 07/17/2025
Summary
NEW YORK
Asset Type:Retail
Transaction Type:Sale
The retail asset sold is located at 98 Richmond Hill Road in Staten Island. The sale was executed at a price of $16,000,000. This property was previously known as Macy’s Furniture Gallery and is situated in the New Springville area.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $16,000,000
- Buyer: Isaac Massry - Wharton Realty Group & Isaac Chera - Crown Acquisitions
- Seller: Macy’s Retail Holdings
A joint venture was established between Wharton Realty Group and Crown Acquisitions to facilitate the purchase of the property. This collaboration represents a strategic acquisition by the involved parties in the Staten Island retail market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$853,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$56,844.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,848.16
Annual Debt Service$910,177.95
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