Updated Oct 29, 2024
Black Spruce Management & Orbach Affordable Housing Solutions Acquire 322-Unit Multifamily Building In Lenox Hill, Manhattan For $402.6M
1261 2nd Ave New York, NY 10065
$402,625,000
$820/SF
Building Size
490,652 SF
Asset Type
MultiFamily
Closing
Apr 20, 2023
About this deal
AI
Black Spruce Management and Orbach Affordable Housing Solutions, doing business as GO Partners, acquired the 322-unit residential elevator building at 1261 Second Avenue in Lenox Hill, Manhattan, for $402.6 million. The property spans 490,652 square feet and sold for a price of $821 per square foot. The transaction was completed on 04/20/2023.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $402,625,000
- Units: 322
- Price Per Unit: $1,250,388
- Square Footage: 490,652
- Price Per Square Foot: $821
- Address: 1261 Second Avenue
- Market: Lenox Hill, Manhattan
The buyer of the property was Black Spruce Management & Orbach Affordable Housing Solutions, represented by their broker GO Partners. The seller of the property was Solow Realty & Development.
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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93