EKT Equities Acquires 10-Unit Multifamily Property In Manhattan For $3.5M
243 East Broadway, New York City, New York 10002, United States
$3,500,000
$526/SF
Building Size
6,650 SF
Asset Type
MultiFamily
Closing
May 1, 2022
AI
The multifamily property located at 243 E. Broadway in Manhattan has been sold for a price of $3,500,000. The property consists of 10 units with a price per unit of $350,000. The total square footage of the property is 6,650, resulting in a price per square foot of $526.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,500,000
- Address: 243 E. Broadway
- Market: Manhattan
- Units: 10
- Price per Unit: $350,000
- Total Square Footage: 6,650
- Price per Square Foot: $526
The buyer of the property is EKT Equities, LLC represented by Ali Tabrizi, David Khaloyan, and Benjamin Esshaghian. The seller is Steven Cheung. It is worth noting that 8 out of the 10 units in the property are free market with significant potential for increased rental income. EKT Equities is actively seeking multifamily and mixed-use deals in various boroughs.
Players
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
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93