RXR Realty Acquires Residential Units Package In Hell's Kitchen And East Village For $336M
555 10th Ave, Manhattan, New York, NY, USA
$336,000,000
Units
750
Asset Type
Co-Op
Closing
Feb 22, 2021
About this deal
AI
Scott Rechler and Gary Barnett have closed a deal involving the property located at 555 10th Ave. & 510 East 14th St. in Hell's Kitchen and East Village, respectively. The asset, a package of residential units, was sold for approximately $336,000,000. The total value of the transaction is estimated at $800,000,000, highlighting its significance in the market. The property consists of 750 units, and the buyer, RXR Realty, has acquired a 42% interest in the deal.
Summary of transaction details
- Property Type: Package - Residential units
- Transaction Amount: $800,000,000 (approx.)
- Sale Price: $336,000,000 (approx.)
- Units: 750
- Market: Hell's Kitchen, East Village
RXR Realty, led by its representative, has successfully acquired the property from Extell. This transaction showcases the expertise and strategic vision of the individuals and companies involved in the deal, further solidifying their presence in the real estate market.
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
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93