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216 E 50th St, New York, NY...

Peter Ting Acquires Multifamily Property In Turtle Bay, Manhattan For $3.4M
SOLDMultiFamily

Peter Ting Acquires Multifamily Property In Turtle Bay, Manhattan For $3.4M

216 E 50th St, New York, NY 10022, USA

$3,400,000

$102/SF

Building Size

33,030 SF

Asset Type

MultiFamily

Closing

May 22, 2019

AI

The multifamily property located at 216 East 50th St in Turtle Bay, Manhattan has been sold. The property spans 3,303 square feet and was sold for a total price of $3,400,000, resulting in a price per square foot of $1,029. The transaction took place on May 23, 2019.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,400,000
  • Square Footage: 3,303
  • Price Per Square Foot: $1,029
  • Address: 216 East 50th St, Turtle Bay, Manhattan
  • Market: Turtle Bay, Manhattan

In this transaction, the seller of the property was Frances Cousins, while the buyer was Peter Ting. Representing the deal were brokers Derek Bestreich, Hakeem Lecky, Adam Lobel, and Ethan Frank from the agency @BRG_CRE.

Players

Adam Lobel

Investment Property Realty Group (IPRG)

Broker

$602.2M

vol

141 deals

Broker

Peter Ting

Buyer

$24.2M

vol

4 deals

Buyer

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

4.67%

Cash-on-Cash

-1.33%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93