Norbil Trust Co Purchases Multifamily Building In Kips Bay From Parke Leatherman For $10.4M

A 20-unit multifamily building located at 225 East 25th Street in Kips Bay, Manhattan was sold for $10,400,000. The property spans 9,920 square feet, equating to a price per square foot of $1,048.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,400,000
• Buyer: Norbil Trust Co
• Seller: Parke Leatherman - Lockhill Properties
• Square Footage: 9,920
• Price Per Square Foot: $1,048
• Mortgage Amount: $5,200,000
• Market: Kips Bay, Manhattan

The transaction involved Norbil Trust Co, a Tokyo-based entity, acquiring the property from Lockhill Properties, represented by Parke Leatherman. The buyer secured a mortgage of $5.2M from Sumitomo Mitsui Banking, capitalizing on the largely market-rate units within the building, set against the backdrop of Manhattan's record-high rental rates.