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341 W 50th St, New York, NY...

Standard Property Company Acquires Multifam Property For $110.3M In Manhattan From Seller Starrett Corporation
SOLDMultiFamily

Standard Property Company Acquires Multifam Property For $110.3M In Manhattan From Seller Starrett Corporation

341 W 50th St, New York, NY 10019, USA

Building Size

1,500,000 SF

Asset Type

MultiFamily

Closing

Oct 3, 2017

AI

The multifamily property located at 341-363 West 50th Street in Manhattan, New York has been sold in a closed transaction. The property spans 150,000 square feet and was sold at a price of $110,300,000, resulting in a price per square foot of $733. The seller of the property is Starrett Corporation and the buyer is Standard Property Company.

Summary of transaction details

  • Property Type: Multifam
  • Transaction Amount: $110,300,000
  • Address: 341-363 West 50th Street, New York
  • Market: Manhattan
  • Square Footage: 150,000
  • Price per Square Foot: $733
  • Seller: Starrett Corporation
  • Buyer: Standard Property Company

The deal was facilitated by Ariel Property Advisors acting as the broker in the transaction.

Players

SC
Starrett CorporationSeller

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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93