Prana Acquires Multifamily Property On Sherman Avenue In Inwood For $7.85M

The multifamily property located at 20 Sherman Avenue in Inwood has been sold in a closed transaction. The property spans a total of 41,000 square feet and was sold for a price of $7,850,000, resulting in a price per square foot of $191. The property consists of 41 apartments, with only two units designated as FM (furnished models), and one office space. The sale of the property achieved a cap rate of 5.6%.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $7,850,000
• Square Footage: 41,000
• Price Per Square Foot: $191
• Number of Units: 41 Apartments (2 FM) & 1 Office
• Price Per Unit: $186,905
• Cap Rate: 5.6%

The seller of the property was Lewis Barbanel, representing Barberry Rose Management. The buyer of the property was Rick Herman, representing Prana. The transaction was facilitated by broker Amit Doshi and Shallini Mehra.