Prana Investments Acquires Multifamily Building In Morningside Heights For $15.8M
SOLD
$15,800,000
+ 2
New York
See Similar DealsMultiFamily43,173 SF
Sold 08/05/2020
SOLD
Prana Investments Acquires Multifamily Building In Morningside Heights For $15.8M
185 Claremont Ave, New York, NY 10027, USA
See Similar DealsMultiFamily43,173 SF
Sold 08/05/2020
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$366
Total Square Footage:43,173 SF
Transaction Type:Sale
The multifamily property located at 185-187 Claremont Avenue in Morningside Heights has been sold for a total price of $15,800,000. This asset spans across 43,173 square feet, resulting in a price per square foot of $365. The property consists of 59 units, offering a significant housing opportunity in the area.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $15,800,000
- Square Footage: 43,173
- Price per Square Foot: $365
- Number of Units: 59
- Address: 185-187 Claremont Avenue, Morningside Heights
The buyer of this property is Rick Herman, representing Prana Investments. The sale transaction was facilitated by Eric Roth, Robert M. Shapiro, Ian Brooks, and Tyler Signora from Team Shapiro Investment Sales. Their expertise and negotiation skills contributed to the successful completion of the deal.
Please note, this sale marks the final asset transfer for this property, representing a significant milestone for all parties involved.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$842,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$56,134.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$74,900.06
Annual Debt Service$898,800.73
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