Hersel Torkian Acquires 20-Unit Multifamily Property On Upper East Side For $5M
SOLD
New York
See Similar DealsMultiFamily9,815 SF
Sold 06/25/2020
SOLD
Hersel Torkian Acquires 20-Unit Multifamily Property On Upper East Side For $5M
242 E 83rd St, New York, NY 10028, USA
See Similar DealsMultiFamily9,815 SF
Sold 06/25/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$509
Total Square Footage:9,815 SF
Transaction Type:Sale
A multifamily property located at 242 E. 83rd St. in the Upper East Side of Manhattan has been sold for $5,000,000. The property spans 9,815 square feet, resulting in a price per square foot of $509. It consists of 20 units, with a price per unit of $250,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,000,000
- Square Footage: 9,815
- Price per Square Foot: $509
- Number of Units: 20
- Price per Unit: $250,000
The seller of the property was Milton Taube, while the buyer was Hersel Torkian. Ron Solarz and Jonny Yuran, representing NewmarkKF, acted as the brokers in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61
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