NEW YORK CITY-TransWorld Corp. will exercise the option to buy the 88,000 sf mixed-use retail and multifamily building at 12-16 John St. for $5.8 million. The all-cash transaction is expected to close “within the next couple of months,” says Peter J. DeCheser, who along with cousin Michael DeCheser brokered on both sides for Massey Knakal Realty Services. Mark Shenker, whose family has owned the Lower Manhattan property “for years,” agreed to the sale “because now was a good time, and the price was right,” Peter DeCheser tells

TransWorld was similarly satisfied with the deal as a good investment. “The purchasers felt that the existing free market rents were well below market,” says Peter DeCheser. “Based on the price of $5,800,000, the going in cap rate to the purchaser was 7% but, given current market projections for the free market apartments, a significantly higher return could be obtained within one year.” According to Massey Knakal, the building produces a current gross rent of $552,000 with a current net operating income of $329,000.

In April, TransWorld paid $1 million for a lease with an option to buy the 13-story property, located on the south side of John Street between Broadway and Nassau Street. The building contains three ground-floor retail spaces, all under 10-year leases, Peter DeCheser tells All 18 apartments: 6 IMD and 12 free-market units, are occupied.

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