Corner Street Capital And Highpoint Property Group Acquire Multifamily Property In Murray Hill For $5.25M
SOLD
$5,250,000
New York
See Similar DealsMultiFamily9,000 SF
Sold 05/10/2022
SOLD
Corner Street Capital And Highpoint Property Group Acquire Multifamily Property In Murray Hill For $5.25M
211-213 East 31st Street, New York City, New York 10016, United States
See Similar DealsMultiFamily9,000 SF
Sold 05/10/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$583
Total Square Footage:9,000 SF
Transaction Type:Sale
Located in Murray Hill, the multifamily property at 211-213 E. 31st St. has been sold in a recent transaction. The property spans across 9,000 square feet and consists of 16 units. The sale price for this property was $5,250,000, resulting in a price per unit of $328,125 and a price per square foot of $583.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,250,000
- Units: 16
- Price per Unit: $328,125
- Square Footage: 9,000
- Price per Square Foot: $583
The buyer in this transaction is Corner Street Capital represented by Ross Banon, along with Highpoint Property Group represented by Drew Popkin. On the other hand, the seller is Empire Management. Michael Segerman from Current Real Estate Advisors served as the broker in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$280,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$18,652.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,887.68
Annual Debt Service$298,652.14
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