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

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

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

Loading comparables…

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