Updated Oct 28, 2024
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
$45,000,000
$165/SF
Building Size
272,719 SF
Asset Type
MultiFamily
Closing
Nov 17, 2021
About this deal
AI
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.
On the Map
$45,000,000
$165/SF
MultiFamily
View full map
Players
Central Islip MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Deal FAQ
Visit Nicholas (Nick) Tuccillo to view all their deals.
Browse New York multifamily sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93