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160 Audubon Avenue, New Yor...

Updated Oct 25, 2024

Bilt advertisement
Richard Herman Acquires Apartment In Washington Heights, Manhattan From Michael Mirotznik For $7.775M
SOLDMultiFamily

Richard Herman Acquires Apartment In Washington Heights, Manhattan From Michael Mirotznik For $7.775M

160 Audubon Avenue, New York City, New York 10032, United States

$7,775,000

$171/SF

Building Size

45,400 SF

Asset Type

MultiFamily

Closing

Mar 15, 2022

About this deal

AI

An apartment located at 160 Audubon Avenue in Washington Heights, Manhattan, has recently been sold in a closed transaction. The property, zoned as R7-2, is an apartment building with a bulk square footage (BSF) of 34,400. The price of the transaction amounted to $7,775,000, resulting in a price per bulk square footage (PPBSF) of $226. The apartment building spans across 45,400 square feet, with a price per square foot (PPSF) of $171. The transaction took place on March 16, 2022.

Summary of transaction details:

  • Property Type: Apartment
  • Transaction Amount: $7,775,000
  • Address: 160 Audubon Avenue, Washington Heights, Manhattan
  • Market: Washington Heights, Manhattan
  • Zoning: R7-2
  • Buyer: Richard Herman
  • Seller: Michael Mirotznik
  • BSF: 34,400
  • PPBSF: $226
  • SF: 45,400
  • PPSF: $171
  • Date: March 16, 2022

The apartment building has a floor area ratio (FAR) of 4.54 and falls under tax class 2. The lot size is 10,000 square feet, with a lot dimension of 100 ft x 100 ft. An alteration permit was obtained on April 17, 2017, indicating changes made to the property.

Players

Richard Herman

Prana Investments

Buyer

$48.2M

vol

6 deals

Buyer

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $171 per square foot on a published $7.8M for 45,400 square feet (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.04%

Cash-on-Cash

-0.58%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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