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
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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