Whitney Capital Company Acquires Long Island Multifamily For $45M With Buyer's Rep Jack Bick - Charatan Realty & Mike Tuccillo & Nick Tuccillo - Marcus & Millichap
SOLD
$45,000,000
New York
See Similar DealsMultiFamily272,719 SF
Sold 11/17/2021
SOLD
Whitney Capital Company Acquires Long Island Multifamily For $45M With Buyer's Rep Jack Bick - Charatan Realty & Mike Tuccillo & Nick Tuccillo - Marcus & Millichap
1 Hoppen Dr, Central Islip, NY, USA
See Similar DealsMultiFamily272,719 SF
Sold 11/17/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$165
Total Square Footage:272,719 SF
Transaction Type:Sale
The sale of a multifamily property in Long Island has been completed for a total price of $45,000,000. The property is located at 1 Hoppen Dr. & 1400 Aldersgate and consists of 245 units with an average price per unit of $183,673. The total square footage of the property is 272,719, resulting in a price per square foot of $165.
Summary of transaction details
- Property Type: Multifamily (LIHTC)
- Transaction Amount: $45,000,000
- Address: 1 Hoppen Dr. & 1400 Aldersgate
- Market: Long Island
- Units: 245
- Price per Unit: $183,673
- Square Footage: 272,719
- Price per Square Foot: $165
The buyer of the property is Whitney Capital Company, while the seller is The Benjamin Companies. Representing the buyer in the deal are Jack Bick from Charatan Realty, as well as Mike Tuccillo and Nick Tuccillo from Marcus & Millichap.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,400,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50
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