Movcap Acquires Multifamily Property On 109th Street In Upper West Side For $7.5M

The recent closed property transaction involved a multifamily building located at 170-172 W 109th Street in the Upper West Side of New York, NY. The property consists of 30 units and was acquired for a purchase price of $7,500,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,500,000
• Loan Amount: $5,200,000
• Loan Type: Acquisition
• Loan Term: 70% Loan to Purchase Price

The landlord of the property is Lawrence Movtady, representing Movcap. The brokers involved in the deal were David Oheb and John Bianco from Meridian Capital Group.

The loan for the acquisition amount of $5,200,000 was successfully closed in just 36 days, showcasing efficient bank execution. The landlord, Lawrence Movtady, expressed interest in receiving additional acquisition opportunities for value-add multifamily and mixed-use properties and can be contacted at [email protected].

To learn more about how Meridian Capital Group can assist with adding value to your portfolio, please reach out to David Oheb at 212-612-0193 or email [email protected].