Updated Dec 4, 2024
Building Equity Management Acquires Multifamily Property At 232 And 234 Bowery For $15M
232 Bowery & 234 Bowery
$15,000,000
$625/SF
Building Size
12,000 SF
Asset Type
MultiFamily
Closing
Oct 17, 2024
About this deal
AI
The property involved in this transaction is a multifamily asset located at 232 Bowery & 234 Bowery in the Nolita market. The sale price for this asset was $15,000,000, encompassing a total square footage of 12,000, which results in a price per square foot of $1,250.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $15,000,000
- Square Footage: 12,000
- Price Per Square Foot: $1,250
- Buyer: Building Equity Management
- Seller: Bari Restaurant Supply
- Broker: Jared Minc - Building Equity Management
The deal was facilitated by Jared Minc, representing Building Equity Management as their broker in this transaction. The buyer, recognized for their involvement in the real estate market, acquired the property from Bari Restaurant Supply, further enhancing their portfolio.
On the Map
$15,000,000
$625/SF
MultiFamily
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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
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93