73-75 Sullivan Street
73-75 Sullivan Street is a newly constructed, fully free-market mixed-use asset in SoHo — one of Manhattan's most supply-constrained and high-demand submarkets — acquired at a 5.40% cap rate through a competitive Cushman & Wakefield-led bidding process, indicating strong institutional validation of pricing. The DSCR of approximately 0.94x at the acquisition loan terms is a mild concern, suggesting the property does not fully cover its debt service at current income levels, which warrants close attention to lease-up or rent growth assumptions. The buyer's articulated thesis around rate-driven valuation dislocation and long-term hold strategy is credible and well-reasoned, and the seller's family pedigree in Manhattan real estate adds reputational comfort to the transaction. Citizens Private Bank's provision of $21.6M in financing (roughly 50% LTV) reflects a conservative leverage profile that mitigates downside risk meaningfully. Overall, this is a high-quality asset in a premier submarket with a credible sponsor, tempered slightly by sub-1.0x current DSCR and limited public track record on AV Management's prior deal volume.
Deal Stats
Parties
Seller / Landlord
John Zaccaro
John Zaccaro is associated with a prominent New York real estate family with deep roots in Manhattan property ownership, particularly in SoHo and surrounding downtown neighborhoods. The Zaccaro family has historically held and developed mixed-use assets in prime Manhattan locations across multiple generations.
Buyer / Tenant
Ahcene Ouldsaada – AV Management
Ahcene Ouldsaada is the principal of AV Management, a New York-based real estate investment firm focused on opportunistic acquisitions of income-producing assets. His commentary reflects a sophisticated, long-hold investment philosophy oriented around yield dislocation and early-cycle market entry, suggesting institutional-grade underwriting discipline.
Score Analysis
Why this score
Sub-1.0x DSCR at Acquisition
The 0.94x debt service coverage ratio indicates current income cannot fully service debt obligations, creating refinance risk if lease-up or rent growth assumptions do not materialize.
Prime SoHo Submarket & Supply Constraints
Location in one of Manhattan's most supply-constrained and high-demand neighborhoods provides natural rent growth tailwinds and resilient fundamentals.
Competitive Market Validation
Cushman & Wakefield-led bidding process with institutional participation validates the 5.40% cap rate and reduces mispricing risk.
Conservative 50% LTV Financing
Citizens Private Bank's $21.6M facility at approximately 50% LTV provides meaningful equity cushion and downside protection.
Limited AV Management Track Record
Buyer's lack of public deal volume history and limited institutional precedent creates execution risk relative to established sponsors.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Accelerate Lease-Up Timeline & Rent Achievement
Demonstrating faster occupancy ramp or above-market rents through pre-leasing data would push DSCR above 1.10x and materially reduce refinance risk.
Document AV Management's Institutional Capital Sources & Prior Exits
Publishing details on LP quality, fund size, or successful prior dispositions would strengthen buyer credibility and reduce execution uncertainty.
Secure Long-Term Rate Lock or Blend-and-Extend Financing
Locking in longer-duration debt at current rates or securing rate protection would eliminate refinance risk tied to future rate volatility.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Mixed Use Sale 73 Sullivan Street Ahcene Ouldsaada Of AV Management Acquires Mixed-use Asset At 73-75 Sullivan Street For $43.33M SOLD $43,330,000 Mixed-use 32,957 SF Sold 3 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $1,314 Total Square Footage: Transaction Type: Players All Brokers Niko Nicolaou 36 deals $2.1B volume (201) 426-2227 BROKER Dylan Walsh 72 deals $582.7M volume (917) 887-5441 Details Deal Summary IMAGE: Dylan Walsh & Niko Nicolaou DATE: 05/11/2026 ADDRESS: 73-75 Sullivan Street MARKET: SoHo, Manhattan ASSET TYPE: Mixed-use BUYER: Ahcene Ouldsaada – AV Management SELLER: John Zaccaro BROKERS: Dylan Walsh (@DylWalCRE), Niko Nicolaou (@Niko_Nicolaou), Andrew Berry (@AtBerry3) & Ryan Dowd (@RWDowd929) - Cushman & Wakefield (@CushWake) SALE PRICE: $43,333,000 SF: 32,957 ~ PPSF: $1,315 NOTE FROM BROKER: “This was rare opportunity to acquire a newly constructed fully free market building in SoHo, Manhattan. Cushman Wakefield led the sale after a rigorous bidding process which ultimately sold for a 5.40% cap rate.” NOTE FROM BUYER: “This special situation transaction represents the robust opportunity set to purchase investment grade assets at historically high yields by taking advantage of early cycle market dynamics,” said Principal Ahcene Ouldsaada. “73-75 Sullivan Street capitalized on the valuation dislocation caused by the 2022 hike in domestic base rates. The asset was acquired at an opportunistic basis and will be held long-term as a permanent income vehicle with multiple options for attractive liquidity as markets normalize.” Citizens Private Bank’s Scott Van Der Marck provided $21.6M in competitive acquisition financing under significant time constraints. Email New York | @tradedny Contact Get in touch with the broker you want Select Brokers Niko Nicolaou, Dylan Walsh Name Phone (optional) Message I'm an agent These are similar buyers of Mixed-use properties in this price range based on this deal Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. NEW! Search No recent news available for this market No active listings available for this market Suggestions Analyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results. Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $2,310,933.32 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$153,942.35 Cash-on-Cash Return -1.27% Monthly Debt Service $205,406.31 Annual Debt Service $2,464,875.67 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. States National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming News Agents Agencies About About Us FAQ Testimonials Help Help Center Return Policy © 2026 Traded Media LLC . All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use