Michael Forrest Sells Multifamily Property At 164 Ludlow Street For $7.85M With Marcus & Millichap
SOLD
$7,850,000
New York
See Similar DealsMultiFamily9,735 SF
Sold 10/09/2024
SOLD
Michael Forrest Sells Multifamily Property At 164 Ludlow Street For $7.85M With Marcus & Millichap
164 Ludlow Street
See Similar DealsMultiFamily9,735 SF
Sold 10/09/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$806
Total Square Footage:9,735 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$418,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$27,889.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,213.00
Annual Debt Service$446,556.06
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