Barry Lipsitz Acquires Multifamily Property In Lower East Side For $5M
SOLD
$5,000,000
+ 2
New York
See Similar DealsMultiFamily42,520 SF
Sold 05/21/2020
SOLD
Barry Lipsitz Acquires Multifamily Property In Lower East Side For $5M
159 Bowery, New York, NY 10002, USA
See Similar DealsMultiFamily42,520 SF
Sold 05/21/2020
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$117
Total Square Footage:42,520 SF
Transaction Type:Sale
A multifamily property located at 159 Bowery in the Lower East Side has been sold for a price of $5,000,000. The property spans over 4,252 square feet and has a price per square foot of $1,175. The building has a total area of 10,440 square feet, resulting in a price per buildable square foot of $478.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $5,000,000
- Address: 159 Bowery
- Market: Lower East Side
The seller of the property is Brian Faerman. The buyer is Barry Lipsitz from Lipsitz Property Group. The transaction was facilitated by the brokers from Cushman & Wakefield, namely Andrew Berry, Michael DeCheser, Bryan Hurley, and Charlie Gravina.
It is worth noting that the Faerman family has owned the property for an undisclosed period of time.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61
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