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1 Essex Street

Jack Dutch Acquires MultiFamily Property At 1 Essex Street In New York For $7M
SOLDMultiFamily

Jack Dutch Acquires MultiFamily Property At 1 Essex Street In New York For $7M

1 Essex Street

$7,000,000

$299/SF

Building Size

23,397 SF

Asset Type

MultiFamily

Closing

Feb 20, 2025

AI

This multi-family asset located at 1 Essex Street in New York has been sold for $7,000,000.00. The property encompasses a total square footage of 23,397.0 and is part of a strategic acquisition that combines it with adjacent properties 23-29 Canal, 3 Essex, and 5 Essex. This development opportunity increases the overall buildable area to over 50,000 square feet.

Summary of transation details:

This transaction features several key individuals contributing to the success of the deal. Jared Minc represents the buyer, Jack Dutch, while the seller, Alice Blumenthanl, is represented by a team from Cushman & Wakefield, including Bryan Hurley, Daniel Abbondandolo, and Michael Decheser. The acquisition enhances the development potential for the assembled properties, allowing for expanded building opportunities in the future.

Players

Bryan Hurley

Cushman & Wakefield

Broker

$428.3M

vol

42 deals

Broker

Jack Dutch

Buyer

$60.5M

vol

3 deals

Buyer

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.27%

Cash-on-Cash

-0.65%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93