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308 East 106th Street

Fred Lavi Acquires Multifamily Development In East Harlem For $6.1 Million From Parkview Financial
SOLDMultiFamily

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:

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

Maurice Suede

Newmark

Broker

$929.6M

vol

57 deals

Broker
Parkview Financial
Parkview FinancialSeller

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