ABJ Properties Acquires Multifamily Property In Harlem For $7.8M
SOLD
$7,800,000
+ 2
New York
See Similar DealsMultiFamily40,067 SF
Sold 06/24/2019
SOLD
ABJ Properties Acquires Multifamily Property In Harlem For $7.8M
2913 Frederick Douglass Blvd, New York, NY 10039, USA
See Similar DealsMultiFamily40,067 SF
Sold 06/24/2019
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$194
Total Square Footage:40,067 SF
Transaction Type:Sale
A multifamily property located at 2913-2922 Frederick Douglass Blvd in Harlem has been sold for a total of $7,800,000. The property spans across 40,067 square feet, resulting in a price per square foot of $194. The transaction took place on June 24, 2019.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $7,800,000
- Square Footage: 40,067
- Price per Square Foot: $194
- Address: 2913-2922 Frederick Douglass Blvd, Harlem
- Market: Harlem
The seller of this property was Ron Moelis, who represents L+M Development Partners. The buyer, on the other hand, was Ben Soleimani, who represents ABJ Properties. The transaction was facilitated by Amit Doshi, Jonathan Shainberg, and Shallini Mehra from TeamDoshi, who are part of Meridian Capital Group.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$415,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$27,711.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,975.98
Annual Debt Service$443,711.75
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