The New School Acquires Gramercy Dormitory For $124.5M
SOLD
$124,500,000
New York
See Similar DealsCommercial112,908 SF
Sold 04/05/2022
SOLD
The New School Acquires Gramercy Dormitory For $124.5M
318 East 15th Street, New York City, New York 10003, United States
See Similar DealsCommercial112,908 SF
Sold 04/05/2022
Summary
NEW YORK
Asset Type:Commercial
Price Per Square Foot:$1,102
Total Square Footage:112,908 SF
Transaction Type:Sale
A dormitory property located at 318 East 15th Street in Gramercy has been sold. The transaction took place on April 5, 2022, with a sale price of $124,500,000. The property consists of 140 units, with an average price per unit of $889,285. The total square footage of the dormitory is 112,898 square feet, making the price per square foot $1,102.
Summary of transaction details
- Property Type: Dormitory
- Transaction Amount: $124,500,000
- Address: 318 East 15th Street
- Market: Gramercy
- Buyer: The New School
- Seller: Bhatia Development & Sherwood Equities
- Units: 140
- Price per Unit: $889,285
- Total Square Footage: 112,898
- Price per Square Foot: $1,102
The New School is the buyer of the dormitory property, while Bhatia Development & Sherwood Equities acted as the sellers in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,640,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$442,322.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$590,193.52
Annual Debt Service$7,082,322.20
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