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2913 Frederick Douglass Blv...

ABJ Properties Acquires Multifamily Property In Harlem For $7.8M
SOLDMultiFamily

ABJ Properties Acquires Multifamily Property In Harlem For $7.8M

2913 Frederick Douglass Blvd, New York, NY 10039, USA

$7,800,000

$194/SF

Building Size

40,067 SF

Asset Type

MultiFamily

Closing

Jun 23, 2019

AI

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.

Players

Jonathan Shainberg

Meridian Capital Group

Broker

$103.5M

vol

8 deals

Broker

Ben Soleimani

ABJ Properties

Buyer

$80.7M

vol

4 deals

Buyer
Ron Moelis

Ron Moelis

L+M Development Partners

Seller

$261.7M

vol

5 deals

Seller

New York 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

2.03%

Cash-on-Cash

-0.58%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93