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
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