December 20, 2019
ABS Partners Real Estate completed the $25.3-million sale-leaseback of 12 Pay-O-Matic (POM) locations located in Manhattan, Brooklyn, Queens and the Bronx. The going in cap rate was just under 5%.
An ABS team of Steven Hornstock, Randy Modell, Ryan Cerqueira and Alex Warner acted on behalf of POM, reportedly the city’s largest provider of check cashing services. The buyer, Global Asset Management, was represented by ABS’ Mark Tergesen.
POM retained ABS in 2016 across its portfolio. “The initial phase of the assignment was to stabilize the residential and ancillary retail uses at the properties,” including 94 Eighth Ave. (pictured) in the Meatpacking District, said Hornstock.
“Thereafter, we decided to pool 12 of the properties together and sell them as a sale-leaseback package,” he added. “During the process, ABS also helped determine the market rents for the sale-leaseback properties.”
For comments, questions or concerns, please contact Paul Bubny