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Chok Lei Acquires Multifamily Property In Midtown East For $3.8M

Property Image
SOLD
$3,775,000
Damani Strasner
Mike Kavanagh
John Ciraulo
+ 3

New York

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MultiFamily5,380 SF
Sold 12/21/2021
the dealplayerscompscontact
Property Image
SOLD

Chok Lei Acquires Multifamily Property In Midtown East For $3.8M

221 East 48th Street, New York, NY 10017

See Similar Deals
MultiFamily5,380 SF
Sold 12/21/2021
Damani Strasner
Mike Kavanagh
John Ciraulo
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$701
Total Square Footage:5,380 SF
Transaction Type:Sale

An multifamily property located at 221 East 48th Street in Midtown East has been sold for a price of $3,775,000. The property consists of 5 units with a total square footage of 5,380. The price per unit was $755,000 and the price per square foot was $701.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $3,775,000
  • Address: 221 East 48th Street
  • Market: Midtown East

The buyer of the property was Chok Lei, while the seller was Jonathan Levine. The deal was facilitated by John Ciraulo, Craig Waggner, Will Conrad, Mike Kavanagh, and Damani Strasner, who were represented by the team Ciraulo & Waggner from Cushman & Wakefield.

Players

John Ciraulo
Cushman & Wakefield
John Ciraulo
47 deals$732.2M volume(212) 660-7700
BROKER
Mike Kavanagh
Newmark
Mike Kavanagh
30 deals$301M volume(212) 660-7765
BROKER
Craig Waggner
Cushman & Wakefield
Craig Waggner
46 deals$696M volume
BROKER
Will Conrad
Cushman & Wakefield
Will Conrad
26 deals$263.3M volume
BROKER
Damani Strasner
Cushman & Wakefield
Damani Strasner
5 deals$66.5M volume
BROKER
JL
Jonathan Levine
3 deals$12.6M volume
SELLER

Details

SOLD
IMAGE: John Ciraulo, Craig Waggner, Will Conrad, Mike Kavanagh & Damani Strasner DATE: 12/21/2021 ADDRESS: 221 East 48th Street MARKET: Midtown East ASSET TYPE: Multifamily BUYER: Chok Lei SELLER: Jonathan Levine BROKERS: John Ciraulo (@JohnCiraulo), Craig Waggner (@Craig_Waggner), Will Conrad (@WTConrad), Mike Kavanagh (@KavanaghMike) & Damani Strasner (@LordStraz) (Team Ciraulo & Waggner) (@TeamCirauloWaggner) - Cushman & Wakefield (@CushWake) SALE PRICE: $3,775,000 UNITS: 5 ~ PPU: $755,000 SF: 5,380 ~ PPSF: $701

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$13,411.79
Cash-on-Cash Return-1.27%
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