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149 Spring Street, New York...

Elie Pariente's EMP Capital Acquires Mixed-Use Property In SoHo For $17M
SOLDMultiFamily

Elie Pariente's EMP Capital Acquires Mixed-Use Property In SoHo For $17M

149 Spring Street, New York City, New York 10012, United States

$17,000,000

$923/SF

Building Size

18,400 SF

Asset Type

MultiFamily

Closing

Feb 6, 2022

AI

A mixed-use property located at 149 Spring Street in SoHo has been sold in a recent transaction. The property was purchased by Elie Pariente of EMP Capital from the Danzger Family. The sale was facilitated by Joe Koicim, Peter Dodge, Shaun Riney, and Andrew Bronsteen of NYM Group, who represented both the buyer and seller on behalf of Marcus & Millichap. The sale price for the property was $17,000,000.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $17,000,000
  • Address: 149 Spring Street, SoHo
  • Buyer: Elie Pariente - EMP Capital
  • Seller: The Danzger Family
  • Brokers: Joe Koicim, Peter Dodge, Shaun Riney, and Andrew Bronsteen (NYM Group) - Marcus & Millichap

The property consists of 8 units, with a per unit price of $2,125,000. The total square footage of the property is 18,409, with a price per square foot of $923. The property has a Tax Class 2B classification, and the retail component was delivered vacant at the time of the sale. It is worth noting that the property had been owned by the same family for over 40+ years.

Players

Andrew Bronsteen

Marcus & Millichap

Broker

$271M

vol

65 deals

Broker
Joseph (Joe) Koicim
Verified Badge

Joseph Koicim

Marcus & Millichap

Broker

$2.7B

vol

174 deals

Broker

Elie Pariente

EMP Capital

Buyer

$63.3M

vol

4 deals

Buyer

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

0.93%

Cash-on-Cash

-0.27%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93