Michael Alvandi Purchases Multifamily Property At 244 West 72nd Street For $40M From Fred Shalom
SOLD
$40,000,000
New York
See Similar DealsMultiFamily174,300 SF
Sold 02/20/2025
SOLD
Michael Alvandi Purchases Multifamily Property At 244 West 72nd Street For $40M From Fred Shalom
244 West 72nd Street & 244 West 72nd Street
See Similar DealsMultiFamily174,300 SF
Sold 02/20/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$229
Total Square Footage:174,300 SF
Transaction Type:Sale
The property asset involved in the transaction is a MultiFamily building located at 244 West 72nd Street in the New York market. The sale price for the asset is $40,000,000.00, which encompasses 88 units and has a total square footage of 87,150.0.
Summary of transation details:
- Property Type: MultiFamily
- Transaction Amount: $40,000,000.00
- Address: 244 West 72nd Street
- Market: New York
- Units: 88
- Square Feet: 87,150.0
- Buyer: Michael Alvandi
- Seller: Fred Shalom
- Sale Date: 02/20/2025
Michael Alvandi is the buyer of the property, while Fred Shalom acts as the seller in this transaction. The deal was executed on February 20, 2025.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
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