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
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