Space Group Sells Multifamily Asset At 280 Mulberry Street For $14M With Brokers Jonathan Schwartz & David Schechtman
SOLD
$14,000,000
New York
See Similar DealsMultiFamily16,158 SF
Sold 01/28/2025
SOLD
Space Group Sells Multifamily Asset At 280 Mulberry Street For $14M With Brokers Jonathan Schwartz & David Schechtman
280 Mulberry Street
See Similar DealsMultiFamily16,158 SF
Sold 01/28/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$866
Total Square Footage:16,158 SF
Transaction Type:Sale
The asset involved in this transaction is a multifamily property located at 280 Mulberry Street in the Nolita market. The sale price for this property was $14,000,000. The property encompasses 16,158 square feet, which translates to a price per square foot of $866.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $14,000,000
- Address: 280 Mulberry Street
- Market: Nolita
- Square Footage: 16,158
- Price Per Square Foot: $866
- Seller: Space Group
- Brokers: Jonathan Schwartz & David Schechtman - Meridian Capital Group
- Last trade in 2008 for: $14,500,000
This transaction involved brokers Jonathan Schwartz and David Schechtman representing the seller, Space Group, reflecting their expertise in handling multifamily properties in the Nolita market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$746,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$49,739.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$66,367.14
Annual Debt Service$796,405.71
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