Michael Stuart Gross Acquires Co-Op Unit 2ABC On 5th Avenue From Paul Orlin For $28.2M
1016 5th Avenue
$28,250,000
Units
55
Asset Type
Co-Op
Closing
Oct 17, 2023
About this deal
AI
Michael Stuart Gross purchased unit 2ABC from Paul Orlin for $28.2 million in a 55-unit cooperative elevator building located at 1016 Fifth Avenue in Carnegie Hill, Manhattan.
Summary of transaction details
- Property Type: Co-Op
- Transaction Amount: $28,250,000
- Units: 55
- Price per Unit: $513,636
- Buyer: Michael Stuart Gross
- Seller: Paul Orlin
Michael Stuart Gross, represented by Michael Stuart Gross' broker, completed the purchase of unit 2ABC from Paul Orlin. The transaction took place at 1016 Fifth Avenue, a cooperative elevator building in the Carnegie Hill area of Manhattan.
Players
New York Co-Op Market Snapshot
Boundary boundary · Co-Op · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93