Updated Oct 29, 2024
Frosch CEO Bryan Leibman Acquires Former Midtown East Consulate For $22M
231-233 East 51st Street, Manhattan, New York, NY, USA
$22,000,000
$916/SF
Building Size
24,000 SF
Asset Type
MultiFamily
Closing
Jan 4, 2018
About this deal
AI
The former Midtown East Consulate located at 231-233 East 51st Street in Manhattan, New York, has been sold for a price of $22,000,000. The property spans across 24,000 square feet, resulting in a price per square foot of $917. The transaction took place on 01/05/18.
Summary of transaction details
- Property Type: Former Midtown East Consulate
- Transaction Amount: $22,000,000
- Square Footage: 24,000 sq ft
- Price Per Square Foot: $917
- Seller: The Republic of Singapore - Prime minister Lee Hsien Loong
- Buyer: Frosch - President and CEO Bryan Leibman
- Broker: CBRE - Daniel Kaplan
Bryan Leibman, President and CEO of Frosch, has acquired the former Midtown East Consulate from the Republic of Singapore, represented by Prime Minister Lee Hsien Loong. The transaction was facilitated by CBRE, with Daniel Kaplan acting as the broker.
Players
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Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93