The Republic Of Senegal Acquires Residential Condo In Midtown For $24.6M From Seller 44 Development LLC
227 E 44th St, New York, NY 10017, USA
Building Size
62,739 SF
Asset Type
—
Closing
Apr 29, 2020
About this deal
AI
The residential condo located at 227 East 44th St in Midtown was recently sold in a closed transaction. The buyer, Cheikh Niang, represented The Republic of Senegal, while 44 Development LLC, led by Adam Gordon, acted as the seller. The transaction was completed on April 30, 2020, for a total price of $24,641,825. The property consists of two units, with a price per unit of $12,300,000.
Summary of transaction details
- Property Type: Residential Condo
- Transaction Amount: $24,641,825
- Units: 2
- Price Per Unit: $12,300,000
- Buyer: The Republic of Senegal - Cheikh Niang
- Seller: 44 Development LLC - Adam Gordon
This deal involved the representation of The Republic of Senegal by Cheikh Niang and the sale by Adam Gordon's 44 Development LLC. The transaction demonstrates the active real estate market in Midtown, with a significant investment made in this residential condo.
Players
New York CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93