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Emerald Equity Acquires MultiFamily Property In New York From Galil Management For $40M

Property Image
SOLD
$40,000,000

New York

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MultiFamily
Sold 05/03/2019
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Property Image
SOLD

Emerald Equity Acquires MultiFamily Property In New York From Galil Management For $40M

110 St Nicholas Ave, New York, NY, 10...

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MultiFamily
Sold 05/03/2019
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Sale

The multi-family buildings located at 120 West 116th Street, 110 West 116th Street, 1917 Adam Clayton Powell Boulevard, and 110 St. Nicholas Avenue in Harlem were acquired by Emerald Equity from Galil Management for a total of $40 million. The deal was financed with $30.6 million from Ladder Capital Finance.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $40,000,000.00
  • Address: 120 West 116th Street, 110 West 116th Street, 1917 Adam Clayton Powell Boulevard, and 110 St. Nicholas Avenue
  • Market: New York
  • Buyer: Emerald Equity
  • Seller: Galil Management
  • Buyer's Representative: Steven Vegh

Isaac Kassirer, through his firm Emerald Equity, continues his real estate acquisitions in Northern Manhattan. The quartet of multi-family buildings purchased in Harlem highlights his ongoing investment strategy in the area. Steven Vegh, who represented both the buyer and the seller in the deal, played a pivotal role in facilitating this transaction.

Players

Steven Vegh
68 deals$2.5B volume(917) 715-8259
BROKER

Steven Vegh
Westwood Realty Associates
68 deals$2.5B volume(917) 715-8259
BROKER

BUYER

Details

SOLD
IMAGE: 05/03/2019 ADDRESS: 110 St Nicholas Ave, New York, NY, 10... MARKET: New York ASSET TYPE: MultiFamily BUYER'S REP: Steven Vegh() BUYER: Emerald Equity SELLER: Galil Management PRICE: $40,000,000.00

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$142,111.56
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