Douglas Elliman Acquires Multifamily Property In Lenox Hill For $5.85M
SOLD
$5,850,000
New York
See Similar DealsMultiFamily9,884 SF
Sold 07/15/2021
SOLD
Douglas Elliman Acquires Multifamily Property In Lenox Hill For $5.85M
305 East 78th Street, New York, NY, USA
See Similar DealsMultiFamily9,884 SF
Sold 07/15/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$591
Total Square Footage:9,884 SF
Transaction Type:Sale
The recently closed transaction in Lenox Hill involved the sale of a multifamily property located at 305 East 78th Street. The property, totaling 9,884 square feet, was sold for a price of $5,850,000. With a price per square foot of $591, this transaction represents a significant investment in the Lenox Hill market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,850,000
- Address: 305 East 78th Street
- Market: Lenox Hill
- Zoning: R8B
Steffen Kral from Douglas Elliman represented the buyer in this transaction, while Wolf Jakubowski from Brown Harris Stevens represented the seller. Both brokers played crucial roles in ensuring a successful deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$312,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$20,783.81
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,731.98
Annual Debt Service$332,783.81
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