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David Gleitman & Adam Basuljevic Acquire Multifamily In Chelsea For $8.1M

Property Image
SOLD
$8,100,000
Joseph (Joe) Koicim
Zan Colin
Logan Markley

New York

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MultiFamily5,125 SF
Sold 03/15/2024
the dealplayerscompscontact
Property Image
SOLD

David Gleitman & Adam Basuljevic Acquire Multifamily In Chelsea For $8.1M

321 West 16th Street

See Similar Deals
MultiFamily5,125 SF
Sold 03/15/2024
Joseph (Joe) Koicim
Zan Colin
Logan Markley
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,580
Total Square Footage:5,125 SF
Transaction Type:Sale

The multifamily property located at 321 West 16th Street in Chelsea, Manhattan, was recently sold for $8,100,000. The asset comprises 10 units with a price per unit of $810,000. The total square footage of the property is 5,125, resulting in a price per square foot of $1,580.

Summary of transation details:

The deal involved David Gleitman and Adam Basuljevic as the buyers representing TARGO, while the seller was Steve Croman. Facilitating the transaction were brokers Joseph Koicim, Logan Markley, and Zan Colin from Marcus & Millichap.

Players

Logan Markley
Marcus & Millichap
Logan Markley
70 deals$970.7M volume(212) 430-5194
BROKER
Joseph (Joe) Koicim
Marcus & Millichap
Joseph Koicim
173 deals$2.7B volume(212) 430-5147
BROKER
Zan Colin
Marcus & Millichap
Zan Colin
24 deals$308M volume
BROKER

Details

SOLD
IMAGE: Joseph Koicim, Adam Basuljevic, David Gleitman, Zan Colin & Logan Markley DATE: 03/15/2024 ADDRESS: 321 West 16th Street MARKET: Chelsea, Manhattan ASSET TYPE: Multifamily BUYER: David Gleitman (@DavidGleitman) & Adam Basuljevic (@AdamBasuljevic) - TARGO (@TargoCP) SELLER: Steve Croman BROKERS: Joseph Koicim (@Joey1Cap), Logan Markley (@LogantMarkley) & Zan Colin (@Zan_Colin) - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $8,100,000 UNITS: 10 ~ PPU: $810,000 SF: 5,125 ~ PPSF: $1,580

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

$432,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$28,777.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$38,398.13
Annual Debt Service$460,777.59