The New School Acquires Gramercy Dormitory For $124.5M
318 East 15th Street, New York City, New York 10003, United States
$124,500,000
$1,102/SF
Building Size
112,908 SF
Asset Type
Commercial
Closing
Apr 4, 2022
AI
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.
Players
New York Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93