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164 Ludlow Street

Michael Forrest Sells Multifamily Property At 164 Ludlow Street For $7.85M With Marcus & Millichap
SOLDMultiFamily

Michael Forrest Sells Multifamily Property At 164 Ludlow Street For $7.85M With Marcus & Millichap

164 Ludlow Street

$7,850,000

$806/SF

Building Size

9,735 SF

Asset Type

MultiFamily

Closing

Oct 9, 2024

AI

The property involved in this transaction is a multifamily asset located at 164 Ludlow Street in the Lower East Side of Manhattan. The sale price of the property was $7,850,000. It comprises a total of 17 units, with a price per unit of $461,764. The asset encompasses a total square footage of 9,735, resulting in a price per square foot of $806.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $7,850,000
  • Units: 17
  • Price Per Unit: $461,764
  • Square Footage: 9,735
  • Price Per Square Foot: $806
  • Seller: Michael Forrest
  • Broker Representatives: Joseph Koicim & Matt Berger - Marcus & Millichap
  • Date of Transaction: 10/09/2024
  • Address: 164 Ludlow Street
  • Market: Lower East Side, Manhattan

The deal was represented by Joseph Koicim and Matt Berger from Marcus & Millichap, who facilitated the transaction for the seller, Michael Forrest. This property transaction highlights the role of brokers in navigating the multifamily market in Manhattan.

Players

Logan Markley

Marcus & Millichap

Broker

$970.7M

vol

70 deals

Broker
Joseph (Joe) Koicim
Verified Badge

Joseph Koicim

Marcus & Millichap

Broker

$2.7B

vol

174 deals

Broker

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.02%

Cash-on-Cash

-0.58%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93