Updated Oct 29, 2024
Barry Lipsitz Acquires Multifamily Property In Lower East Side For $5M
159 Bowery, New York, NY 10002, USA
$5,000,000
$117/SF
Building Size
42,520 SF
Asset Type
MultiFamily
Closing
May 20, 2020
About this deal
AI
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.
On the Map
$5,000,000
$117/SF
MultiFamily
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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
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93