John Sullivan Acquires Multifamily Building From Lou Sabin In Turtle Bay For $4.43M

The property located at 308 East 49th Street is a multifamily asset situated in the Turtle Bay market. The transaction occurred at a sale price of $4,426,000. The asset comprises 12 studio apartments within a total square footage of 7,000, resulting in a price per unit of $368,833 and a price per square foot of $632. The property has been owned by the family since the 1950s, representing over 70 years of maintained ownership.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,426,000
• Units: 12
• Price Per Unit: $368,833
• Square Footage: 7,000
• Price Per Square Foot: $632
• Buyer: John Sullivan
• Seller: Lou Sabin
• Brokers: Will Conrad, Bryan Hurley & Sanjana Reddy - Cushman & Wakefield
• In-place Cap Rate: 7.29%
• Lease Remaining for Ground Floor Restaurant: 7 years
• Percentage of Free Market Apartments: 75%

Cushman & Wakefield represented the seller and procured the buyer for this transaction. The property features significant upside potential in the apartment rents, offering a strategic investment opportunity within the New York City real estate market.