Isaac Massry And Isaac Chera Acquire Retail Space From Macy's For $16M In Staten Island
98 Richmond Hill Road
$16,000,000
Building Size
—
Asset Type
Retail
Closing
Jul 17, 2025
About this deal
AI
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.
Players
Staten Island 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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93