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1261 2nd Ave New York, NY 1...

Updated Oct 29, 2024

Bilt advertisement
Black Spruce Management & Orbach Affordable Housing Solutions Acquire 322-Unit Multifamily Building In Lenox Hill, Manhattan For $402.6M
SOLDMultiFamily

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

Black Spruce Management
Black Spruce ManagementBuyer
SD
Solow Realty & DevelopmentSeller

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $820 per square foot on a published $402.6M for 490,652 square feet (2023).

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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

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