Ariel Property Advisors Brokers $107.5M Sale Of Multifamily & Development Site In Morrisania, High Bridge & Belmont
SOLD
$107,500,000
+ 2
New York
See Similar DealsMultiFamily551,320 SF
Sold 12/09/2022
SOLD
Ariel Property Advisors Brokers $107.5M Sale Of Multifamily & Development Site In Morrisania, High Bridge & Belmont
280 East 161st Street
See Similar DealsMultiFamily551,320 SF
Sold 12/09/2022
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$195
Total Square Footage:551,320 SF
Transaction Type:Sale
A multifamily property and development site located at 280 East 161st St., 1105 Jerome Ave., 101-103 West 165th St., 1140 Woodycrest Ave., and 2363 Southern Blvd. in Morrisania, High Bridge, and Belmont has been sold for a total of $107,500,000. The property consists of 477 units, with an average price per unit of $225,367. The total square footage of the property is 551,320, with a price per square foot of $195.
Summary of transaction details
- Property Type: Multifamily & Development Site
- Transaction Amount: $107,500,000
- Units: 477
- Price per Unit: $225,367
- Square Footage: 551,320
- Price per Square Foot: $195
- Market: Morrisania, High Bridge & Belmont
The sale was facilitated by Ariel Property Advisors, with brokers Victor Sozio, Shimon Shkury, Daniel Mahfar, Jason M. Gold, and Evan Hirsch representing the parties involved in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,733,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$381,924.81
Cash-on-Cash Return-1.27%
Monthly Debt Service$509,604.84
Annual Debt Service$6,115,258.13
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