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Lightstone Group Acquires Multifamily Property On Upper West Side For $37M

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SOLD
$37,000,000

New York

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MultiFamily959,500 SF
Sold 05/19/2020
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SOLD

Lightstone Group Acquires Multifamily Property On Upper West Side For $37M

305 W 99th St, New York, NY 10025, USA

See Similar Deals
MultiFamily959,500 SF
Sold 05/19/2020
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$38
Total Square Footage:959,500 SF
Transaction Type:Sale

A multifamily property located at 305-319 West 99th Street in the Upper West Side has been sold for $37,000,000. The property spans across 95,950 square feet with a price per square foot of $385. It consists of 80 units, making the price per unit $462,500. The buyer of this transaction is the Lightstone Group, represented by David Lichtenstein, Mitchell Hochberg, and Jonathan Fhima. The seller is Sofia Einy.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $37,000,000
  • Address: 305-319 West 99th Street, Upper West Side
  • Square Footage: 95,950
  • Price per Square Foot: $385
  • Number of Units: 80
  • Price per Unit: $462,500
  • Buyer: Lightstone Group – David Lichtenstein, Mitchell Hochberg & Jonathan Fhima
  • Seller: Sofia Einy

The Lightstone Group, led by David Lichtenstein, Mitchell Hochberg, and Jonathan Fhima, successfully acquired the multifamily property located at 305-319 West 99th Street in the Upper West Side for a total of $37,000,000. This transaction involved a property spanning 95,950 square feet with 80 units. Sofia Einy acted as the seller in this deal.

Players

David Lichtenstein
16 deals$1.4B volume
BUYER


Lightstone Group
BUYER

Details

SOLD
IMAGE: Mitchell Hochberg & David Lichtenstein DATE: 05/19/2020 ADDRESS: 305-319 West 99th Street MARKET: Upper West Side ASSET TYPE: Multifamily PRICE: $37,000,000 SF: 95,950 PPSF: $385 UNITS: 80 PPU: $462,500 BUYER: Lightstone Group – David Lichtenstein, Mitchell Hochberg & Jonathan Fhima (@JonFhima) SELLER: Sofia Einy

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$131,453.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$175,398.88
Annual Debt Service$2,104,786.52