Updated Oct 28, 2024
Highpoint Property Group Acquires Mixed-Use Property In East Village For $7M
166 1st Avenue, New York City, New York 10009, United States
$7,000,000
$1,045/SF
Building Size
6,697 SF
Asset Type
MultiFamily
Closing
Jan 13, 2022
About this deal
AI
The mixed-use property located at 166 1st Avenue in East Village has been sold for a total of $7,000,000. Spanning across 6,697 square feet, the property offers a diverse range of uses, making it a valuable asset in the market.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $7,000,000
- Address: 166 1st Avenue
- Market: East Village
- Buyer: Highpoint Property Group - Drew Popkin
- Buyer's Representative: Shlomo Gelernter - Spur House Partners
- Seller's Representative: Jay Bernstein - Besen Partners
- Square Footage: 6,697
- Price Per Square Foot: $1,045
Highpoint Property Group, represented by Drew Popkin, successfully acquired the property. Shlomo Gelernter from Spur House Partners acted as the buyer's representative, providing expert guidance throughout the transaction. On the other side, Jay Bernstein, representing Besen Partners, represented the seller's interests, ensuring a smooth and efficient deal process.
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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93