Austrian 1031 Exchange Buyer Acquires West Harlem Multi-Family Property For $9.7M

Located at 141 West 111th street in New York's West Harlem market, this multi-family property was recently sold for a price of $9,700,000. Spanning across 14,595 square feet, the property was sold at a rate of $669 per square foot. The building comprises 20 units, with 15 of them being apartment units and 5 being retail spaces, achieving a per unit price of $485,000. The cap rate for this transaction is 3.9%.

Summary of transaction details

• Property Type: Multi-Family
• Transaction Amount: $9,700,000
• Square Footage: 14,595 sf
• Price per Square Foot: $669
• Number of Units: 20
• Composition of Units: 15 apartment units and 5 retail spaces
• Price per Unit: $485,000
• Cap Rate: 3.9%

The seller of this property was Adonis Mallios, while the buyer was an Austrian 1031 exchange buyer. The deal was facilitated by Kevin Darouvar and Roy Oskar, who represented their respective parties as brokers in the transaction.