Fred Lavi Acquires Multifamily Development In East Harlem For $6.1 Million From Parkview Financial
308 East 106th Street
$6,100,000
$281/SF
Building Size
21,636 SF
Asset Type
MultiFamily
Closing
Apr 8, 2025
AI
The property involved in this transaction is a multifamily asset located at 308 East 106th Street in the East Harlem market. The transaction was completed at a sale price of $6,100,000 for a property with a total square footage of 21,636, resulting in a price per square foot of $281.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,100,000
- Address: 308 East 106th Street
- Market: East Harlem
- Square Footage: 21,636
- Price per Square Foot: $281
- Buyer: Fred Lavi
- Seller: Parkview Financial
- Broker Representation: Daniel O'Brien, Ronald Solarz, Eric Roth, Harry James, Christine Felling & Maurice Suede - Newmark
This transaction involved multiple brokers representing the parties in the deal, highlighting the combined efforts of Daniel O'Brien, Ronald Solarz, Eric Roth, Harry James, Christine Felling, and Maurice Suede from Newmark. The deal was characterized as a foreclosure auction sale of a 60% complete stalled multifamily development, indicating specific challenges and opportunities associated with the asset.
Players
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
2.60%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93