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The Sabet Group Acquires Multifamily Building In Gramercy Park For $3.1M

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SOLD
$3,100,000

New York

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MultiFamily5,128 SF
Sold 05/22/2024
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Property Image
SOLD

The Sabet Group Acquires Multifamily Building In Gramercy Park For $3.1M

329 East 17th Street

See Similar Deals
MultiFamily5,128 SF
Sold 05/22/2024
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$604
Total Square Footage:5,128 SF
Transaction Type:Sale

The multifamily property located at 329 East 17th Street in Gramercy Park, Manhattan has been sold for $3,100,000. The property consists of 6 units spanning 5,128 square feet, resulting in a price per unit of $516,667 and a price per square foot of $605.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,100,000
  • Units: 6
  • Price per Unit: $516,667
  • Square Footage: 5,128
  • Price per Square Foot: $605
  • Address: 329 East 17th Street, Gramercy Park, Manhattan
  • Buyer: The Sabet Group - Leor Sabet
  • Seller: Beth Israel Medical Center
  • Brokers: John Ciraulo, Craig Waggner, & Jack Stephen - Cushman & Wakefield

The transaction involved The Sabet Group, led by Leor Sabet, as the buyer, acquiring the property from the seller, Beth Israel Medical Center. The deal was facilitated by brokers John Ciraulo, Craig Waggner, and Jack Stephen from Cushman & Wakefield.

Players

John Ciraulo
47 deals$732.2M volume(212) 660-7700
BROKER

Craig Waggner
Cushman & Wakefield
46 deals$696M volume
BROKER

Jack Stephen
Cushman & Wakefield
12 deals$166.5M volume(212) 841-5099
BROKER

Details

SOLD
IMAGE: John Ciraulo, Craig Waggner & Jack Stephen DATE: 05/22/2024 ADDRESS: 329 East 17th Street MARKET: Gramercy Park, Manhattan ASSET TYPE: Multifamily BUYER: The Sabet Group - Leor Sabet SELLER: Beth Israel Medical Center BROKERS: John Ciraulo (@TeamCirauloWaggner) (@JohnCiraulo), Craig Waggner (@Craig_Waggner) & Jack Stephen (@JackHaroldStephen) - Cushman & Wakefield (@CushWake) SALE PRICE: $3,100,000 UNITS: 6 ~ PPU: $516,667 SF: 5,128 ~ PPSF: $605

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

$165,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,013.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,695.58
Annual Debt Service$176,346.98