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251 East Broadway

Investment Property Realty Group Acquires Multifamily Buildings In Lower East Side For $4.6M
SOLDMultiFamily

Investment Property Realty Group Acquires Multifamily Buildings In Lower East Side For $4.6M

251 East Broadway

$4,583,000

$301/SF

Building Size

15,220 SF

Asset Type

MultiFamily

Closing

Jul 7, 2022

AI

Two adjacent multifamily buildings located at 251 and 253 E. Broadway in the Lower East Side have been sold. The properties, situated near Seward Park, were purchased by a savvy, up-and-coming buyer. The sale was facilitated by the brokers Adam Lobel, Zachary Ziskin, Justin Zeitchik, and Eli Zempsky from Investment Property Realty Group (IPRG). The transaction had a sale price of $4,583,000 and consisted of 21 units, with a price per unit of $218,238. The total square footage of the buildings is 15,220, resulting in a price per square foot of $301.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $4,583,000
  • Units: 21
  • Price Per Unit: $218,238
  • Square Footage: 15,220
  • Price Per Square Foot: $301
  • Address: 251 & 253 E. Broadway
  • Market: Lower East Side

The transaction was completed by Investment Property Realty Group (IPRG), with brokers Adam Lobel, Zachary Ziskin, Justin Zeitchik, and Eli Zempsky representing the buyer. Their expertise and assistance played a crucial role in this successful deal.

Players

Adam Lobel

Investment Property Realty Group (IPRG)

Broker

$602.2M

vol

141 deals

Broker

Hackensack 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

3.46%

Cash-on-Cash

-0.99%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93