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Peter Hungerford Acquires Apartment In Clinton - Hell's Kitchen For $8.4M

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SOLD
$8,400,000

New York

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MultiFamily11,540 SF
Sold 05/13/2022
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Property Image
SOLD

Peter Hungerford Acquires Apartment In Clinton - Hell's Kitchen For $8.4M

309 West 54th Street, New York City, New York 10019, United States

See Similar Deals
MultiFamily11,540 SF
Sold 05/13/2022
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$727
Total Square Footage:11,540 SF
Transaction Type:Sale

The property at 309 West 54th Street in Clinton - Hell's Kitchen, Manhattan, has been sold in a closed transaction. The apartment is zoned as R8 for residential use and C6-4 for commercial use. The sale took place on 05/13/2022.

Summary of transaction details:

  • Property Type: Apartment
  • Transaction Amount: $8,400,000
  • Market: Clinton - Hell's Kitchen

The buyer of the property is Peter Hungerford. The property was sold at a price of $8,400,000, with a building square footage (BSF) of 17,633. The price per building square footage (PPBSF) is $476. The total square footage (SF) of the property is 11,540, with a price per square footage (PPSF) of $727.

The property has a floor area ratio (FAR) of 3.94 and falls under tax class 2. The lot size is 2,929 and the lot dimensions are 29.17 ft x 100.42 ft. The property has previously obtained an alteration permit (Alteration 2) on 04/22/2015.

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12 deals$503M volume
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Details

SOLD
IMAGE: 05/13/2022 ADDRESS: 309 West 54th Street MARKET: Clinton - Hell's Kitchen, Manhattan ASSET TYPE: Apartment ~ ZONING: R8, C6-4 BUYER: Peter Hungerford PRICE: $8,400,000 BSF: 17,633 ~ PPBSF: $476 SF: 11,540 ~ PPSF: $727 FAR: 3.94 TAX CLASS: 2 LOT SIZE: 2,929 PERMITS: Alteration 2 (04/22/2015) LOT DIMENSION: 29.17 ft x 100.42 ft

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

$448,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$29,843.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$39,820.29
Annual Debt Service$477,843.43