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:
- Property Type: MultiFamily
- Transaction Amount: $7,000,000.00
- Address: 1 Essex Street
- Market: New York
- Total Square Footage: 23,397.0
- Buyer: Jack Dutch
- Seller: Alice Blumenthanl
- Buyer's Representative: Jared Minc (Building Equity Management)
- Seller's Representatives: Bryan Hurley (Cushman & Wakefield), Daniel Abbondandolo (Cushman & Wakefield), Michael Decheser (Cushman & Wakefield)
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
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