Matthew Lesser & Ravi Kantha's LK Team Sell Multifamily Property In Chelsea For $9M
SOLD
$9,000,000
New York
See Similar DealsCommercial7,308 SF
Sold 05/03/2022
SOLD
Matthew Lesser & Ravi Kantha's LK Team Sell Multifamily Property In Chelsea For $9M
318 West 22nd Street, New York City, New York 10011, United States
See Similar DealsCommercial7,308 SF
Sold 05/03/2022
Summary
NEW YORK
Asset Type:Commercial
Price Per Square Foot:$1,231
Total Square Footage:7,308 SF
Transaction Type:Sale
The multifamily property located at 318 W. 22nd St. in Chelsea has been sold for a total price of $9,000,000. The transaction took place on 05/03/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,000,000
- Units: 22
- Price per Unit: $409,090
- Total Square Footage: 7,315
- Price per Square Foot: $1,230
- Market: Chelsea
The buyer's representative in this deal was Malcolm Adams, while Matthew Lesser and Ravi Kantha from the LK Team, Leslie J. Garfield & Co., represented the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$480,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,664.59
Annual Debt Service$511,975.10
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