AMAC Holdings Acquires The Crossroads Rental Building In Manhattan For $59M
SOLD
$59,000,000
New York
See Similar DealsMixed-use75,000 SF
Sold 01/03/2018
SOLD
AMAC Holdings Acquires The Crossroads Rental Building In Manhattan For $59M
10 Rutgers Street, Manhattan, New York, NY 10002, USA
See Similar DealsMixed-use75,000 SF
Sold 01/03/2018
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$786
Total Square Footage:75,000 SF
Transaction Type:Sale
The Crossroads, a rental building located at 10 Rutgers Street in Manhattan, New York, was sold on 01/03/18 for a total price of $59,000,000. The property spans across 75,000 square feet, resulting in a price per square foot of $786. The building consists of 83 units and is known for its desirable location in the heart of Manhattan.
Summary of transaction details:
- Property Type: Rental Building
- Transaction Amount: $59,000,000
- Square Footage: 75,000 sf
- Price per Square Foot: $786
- Address: 10 Rutgers Street, New York
- Market: Manhattan
The seller of The Crossroads was Hudson Companies, represented by David Kramer. On the other hand, AMAC Holdings, led by Ivan Kaufman, acted as the buyer in the transaction. Lawrence Movtady from AMAC served as the broker for the deal, sourced in-house.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,146,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$209,614.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$279,690.10
Annual Debt Service$3,356,281.20
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