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175 East 82nd Street

Jeffrey Levine Acquires Multifamily Buildings In Carnegie Hill For $124.5M
SOLDMultiFamily

Jeffrey Levine Acquires Multifamily Buildings In Carnegie Hill For $124.5M

175 East 82nd Street & 170 East 83rd Street

$124,500,000

Building Size

Asset Type

MultiFamily

Closing

Jun 8, 2024

AI

The transaction in Carnegie Hill, Manhattan, involved the sale of two buildings, 175 East 82nd Street and 170 East 83rd Street, as part of a multifamily asset deal. The buyer, Jeffrey Levine of Douglaston Development, purchased the properties from the seller, 170 East 83rd LLC, a subsidiary of Valeray Real Estate, for a total sale price of $124,500,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $124,500,000
  • Buyer: Jeffrey Levine - Douglaston Development
  • Seller: 170 East 83rd LLC (a subsidiary of Valeray Real Estate)
  • Address: 175 East 82nd Street & 170 East 83rd Street
  • Market: Carnegie Hill, Manhattan

The purchases were finalized on June 5, 2024, with Douglaston Development acquiring two properties from Valeray Real Estate. The deal included $114.5 million for 175 East 82nd Street, intended for a 72-unit high-rise tower, and $10 million for the adjacent 89-unit residential elevator building at 170 East 83rd Street.

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

0.13%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93