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
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